Bloom Hotel Group plans 100 hotels within 2 years

Bloom Hotels plans greater expansion of its brand products, such as the BloomSuites Calangute, Goa. Photo credit: Bloom Hotel Group

India's Bloom Hotel Group has raised Rs 100 crore in a fresh round of funding from Samena Capital, a principal investment group focusing on the Subcontinent, Asia, Middle East and North Africa.

In April, Samena Capital invested Rs 100 crore in a series-B investment round in Bloom Hotels for a 35-percent stake in the company. This takes the investment group's stake to 45 percent. 

According to the company, Bloom is looking to sign 100 hotels within the next 18 to 24 months as part of its phase-one growth. The company's pace of growth picked up significantly after Samena's initial investment, and this additional capital will be used to complete the first stage of its growth cycle and continue to focus on quality sites and developers, the company noted. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

After launches in tier-one markets, the company has turned its attention to the high-growth tier-two and tier-three markets. The company has several new hotels under development in Aurangabad, Varanasi, Lucknow, Vijayawada and Amritsar, among others.  

"We are energized by [the] follow-on investments which will help boost the growth trajectory and help us get to targets ahead of schedule," said Bloom Hotels COO Sanjeev Sethi. 

Suggested Articles

More than $23bn-worth of hotel construction contracts were due to be awarded in the Middle East and North Africa between now and 2023.

Pat Pacious discusses the seismic shifts the sector has seen and will continue to experience.

Results season has started to make itself felt and the impact of the coronavirus was at the forefront of analysts’ questions on the earnings calls.