India's Samhi Hotels acquires Four Points Visakhapatnam

India's Samhi Hotels has reportedly purchased the 124-room Four Points by Sheraton Visakhapatnam from Vizag-based Vishnu Priya Hotels for 90-95 crore.

Gurgaon-based Samhi has a development portfolio of 25 hotels, comprising 3,800 rooms. Over the last few years, SAMHI has consolidated a portfolio of branded hotels across India, many of which were acquired as part of operating or financial distress. Last year, International Finance Corporation had invested $21 million in the company by way of convertible debentures.

Early last year, BSE-listed Royal Orchid Hotels had sold a five-star property in Hyderabad, Regenta One, to SAMHI for 179 crore. The 159-room hotel was the second property that Royal Orchid has sold to the hotel development and investment group since 2012.

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Since then, SAMHI has also built and opened the Hyatt Place in Gurgaon, the second Hyatt Place hotel in the country. The 176-room property was readied with an investment of about 172 crore. The company is looking to add about 10 more assets (around 1,500 rooms) to the mid-scale hotel portfolio either through development of hotels or acquisition.

Four Points by Sheraton Visakhapatnam (Vizag), which opened March 1, was the first hotel to carry the name of an international brand in the city’s history.