SAMHI Hotels has acquired Ascent Hotels-owned Hyatt Regency in Pune, India, for Rs3.5bn ($51.5m).
SAMHI Hotels founder and CEO Ashish Jakhanwala claimed the deal was funded through a combination of debt and equity.
The 222-room Hyatt Regency in Pune is a five-star property located in Weikfield IT Park.
Opened in 2012, it is the third property owned by the Gurgaon-based SAMHI in Pune, with the first two being the Formule 1 branded hotels.
Hyatt Pune owner Ascent Hotels is a joint venture (JV) between Jatia Group, which owns 81% stake, and Vascon Engineers, which holds the remaining interest, according to The Economic Times.
SAMHI has purchased the JV including its remaining debt.
Ashish Jakhanwala was quoted by Moneycontrol as saying: "With the acquisition of Ascent we get a high-quality hotel asset in a key metropolitan centre such as Pune, and also strengthen our partnership with Hyatt Hotels.
"Pune has the right ingredients for growth and we are confident of leveraging those with a high-quality hotel asset."
An exisiting shareholder in Ascent, Pune-based Vascon Engineers will continue to invest in the business through convertible debentures, reported Moneycontrol.
Vascon managing director R Vasudevan was quoted as saying: "Partnership with SAMHI will help us add value for our shareholders."
With ten properties in the pipeline, SAMHI Hotels will own 26 hotels with 3,900 rooms across India under five brands.
Image: Hyatt Regency Pune is a five-star property with 222 rooms. Photo: courtesy of Hyatt.