Brookfield and GIC compete to secure stake in India's Jatia's Provenance Land

Fours Seasons Hotel Mumbai is part of the Provenance Land property in India. (Jatia will continue developing the property after one of the largest FDI deals in the Indian hospitality sector is complete. )

Canadian global investor Brookfield Asset Management and Singapore's GIC are in the last leg to acquire a 50-percent stake in Adarsh Jatia's Provenance Land, which owns the Four Seasons Hotel Mumbai. According to The Economic Times, Jatia could divest between 26 percent and 49 percent in Provenance Land. The sale will be one of the largest foreign direct investment deals in the Indian hospitality sector. 

Provenance Land operates on a 4.5-acre property at Worli, which is also the site of Four Seasons Mumbai luxury residences currently under construction. Provenance Land is valued at around $370.37 million. The hotel and residences location, which opened in 2008, is the first Four Seasons in India. The firm will use the proceeds from the stake sale to fund the development of their branded luxury homes and offices on the property.

If Brookfield achieves the stake, it will be the firm's first investment in India's hospitality sector. The investor currently owns $4.7 billion in Indian assets.

Brookfield's competitor in the sale, GIC, has an investment in an Indian joint venture between Accor Hotels and InterGlobe. Blackstone is also in the running for the Four Seasons Mumbai. Blackstone, with partner Embassy Group, acquired the Four Seasons hotel in Bengaluru.

According to earlier reports, Jatia is building a 55-story second tower with 26 luxury residences for an outright sale between $5.56 million to $18.52 million. The firm also has plans to develop a third tower, but it is not clear if this tower will have the same function as the second.