Goldman Sachs Invests $66 Million in Hotel Firm Samhi – Goldman Sachs has financed $66 million for a significant minority stake in Indian hotel investment and development firm Samhi Hotels, said a statement released by company on Tuesday.
The company’s portfolio is leased to operators such as Marriott International, Starwood Hotels, Accor SA and Hyatt International.
A gradual recovery in Asia’s third-largest economy is increasing demand for hotel rooms.
Hotel occupancy in India in the year to March 31, 2015, increased to 60.3 per cent, the highest in four years. A report by consultant HVS showed , revenue per available room, a measure of profitability, grew for the first time since 2010-2011.
Since 2011, Samhi has raised $240 million in equity and has focused on acquiring economy and mid-scale hotels and renovating or rebranding them.
Samhi declined to lay down the exact stake that the Goldman Sachs investment had bought. Samhi’s major investor remains Equity International, founded by billionaire real estate mogul Sam Zell, which has put in $90 million in Samhi.
Goldman Sachs has funded more than $2.5 billion in the country since 2006, mainly in the infrastructure and energy sectors.