Noesis Capital Advisors Satyadeo Hospitality announce the acquisition of Golden Tulip and a revenue share lease agreement with Bloom Hotel Group
Along with the acquisition of Golden Tulip’s 73 operational rooms, Bloom Suites will be re-launched as Hotel Bloom Suites in Bengaluru.
Noesis Capital Advisors has announced a strategic investment by Satyadeo Hospitality Pvt. Limited with the acquisition of 73 rooms operational upscale hotel Golden Tulip from Ekram Hotels Pvt. Limited as an asset purchase transaction. This 85,000 sq ft project is located opposite to Wipro Gate number 5, Electronic City Phase 1, Bangalore. Satyadeo hospitality has further signed revenue share lease agreement with Bloom Hotel Group for their upscale format Bloom Suites. This hotel will be re-launched as Hotel Bloom Suites within the next 90 days.
“In the last few years industry has gone through the major learning curve. The biggest reason why hotel acquisition transactions are happening is because now valuations are much more realistic. Hotel owners have understood that hotels get valued on the basis of unit cash flow not purely on the basis of its land and building market value. This is the best time to acquire hotels in India as quite a few assets are available in the market at a realistic valuation” said Nandivardhan Jain, CEO, Noesis Capital Advisors.
Speaking on the investment Pankaj Kashyap, Director Satyadeo Hospitality said, “This is the first investment for Satyadeo hospitality outside North India and Bangalore was our first choice looking towards this market strong performance in the last 24 months. We are optimistic that this market will keep growing at a similar pace for the next few years. We are equally excited to have our new partners Hotel Bloom group on board who already have deep penetration in the Bangalore market with 7 operational hotels”.
As a deeply experienced intermediary in the hotel space, Noesis Capital Advisors acted as a transaction advisor to this transaction. Noesis transaction management team successfully conducted a market assessment with standard filters, evaluated transaction commercial, financial feasibility, transaction structuring and assisted in legal & documentation completion.
Satyadeo Hospitality Group owns multiple hotels in predominately in North India in states like Himachal Pradesh, Uttarakhand and Delhi NCR. With this acquisition, the group has made its first investment in South India.