Juniper Hotels Limited has successfully completed the acquisition of a 220-room upper upscale hotel asset in Bengaluru. Situated on 6.5 acres of freehold land with a built-up area of 41,200 square metres, the property is strategically located near Bengaluru International Airport. The hotel asset, which is nearing completion, is set to offer world-class facilities, including 29,000 square feet of MICE (Meetings, Incentives, Conferences, and Exhibitions) space, specialty restaurants, a fitness centre, a spa, and more. Additionally, there is potential for future expansion, which Juniper Hotels plans to explore, said a release issued by the company.This acquisition marks a significant step for Juniper Hotels in expanding its footprint within the rapidly growing hospitality market in Bengaluru, located in southern India.Strategic investment in a high-growth market Bengaluru is one of the fastest-growing hospitality markets in India, having recorded an average room rate (ARR) growth of approximately 20 percent year-over-year in FY24. With ongoing infrastructure developments planned around the airport, the city and its surrounding micro market present immense growth potential, driven by the expansion of IT and corporate hubs.The hotel asset was acquired for INR 325 crore in a cash buyout transaction, which was financed by INR 280 crore of long-term debt, with the remaining amount funded from Juniper Hotels’ existing cash reserves.“This is the first step in Juniper 2.0 Journey. With this value accretive acquisition, Juniper has established a presence in Bengaluru, an exciting hospitality market in India. We expect this asset to commence operations and start contributing to the portfolio by next year,” said Arun Kumar Saraf, managing director and chairman of Juniper Hotels Limited.Juniper Hotels Limited is a leading hotel development and ownership company known for its diverse portfolio of upscale and luxury properties across India. The company’s portfolio comprises seven operating hotels with 1895 keys (including 245 serviced apartments) across strategic locations in India.Juniper Hotels continues to expand its footprint in key markets, focusing on strategic acquisitions and partnerships that enhance its portfolio and deliver exceptional guest experiences. The company is dedicated to sustainability and innovation, aiming to set new benchmarks in the hospitality industry.
Published On Oct 28, 2024 at 05:00 PM IST
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