Hotel assets worth $1 billion up for sale
Deal making could hit a record high in the hospitality sector this year with nearly $1billion worth of assets up for sale, according to a hotel mapping study done by real estate services firm Jones Lang LaSalle(JLL) and shared exclusively with ET.
In its study, JLL concluded that about 4,500 rooms across assets are available for sale, and those that it believes are likely to find investor interest.
The assets, valued at over $900 million, are a mix of midscale, upscale and luxury hotels across locations such as Delhi, Bengaluru. Kolkata, Chennai, Pune, Agra, Ahmedabad, Goa, Kerala, Vadodara, and Mussoorie.
The mapping includes the recent onthe-block portfolio of Jaypee Hotels and the e-auction of the management rights of the Taj Mansingh Hotel in Delhi.
“We think this is going to be a big year in terms of transactions. We are heading for a bull run in terms of the hotel performance in major markets. There are 25 hotels with 4,500 rooms that we have mapped that are tradable and are likely to find investor interest. There is a fair amount of good quality assets in the market that are already being actively looked at,” said Mandeep Lamba, MD, India, hotels and hospitality group at JLL.