Shree Naman Group has finalised the purchase of JW Marriott Bengaluru and Crowne Plaza Pune, concluding an Rs18bn ($189.2m) transaction that extends its operating footprint beyond Mumbai, India.
The deal received formal sanction from the National Company Law Tribunal in September.
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The assets were secured via a competitive bidding process.
Financially, the transaction comprises Rs16.11bn for JW Marriott Bengaluru and Rs1.89bn for Crowne Plaza Pune.
With this purchase, the group expands its operating inventory to approximately 1,000 rooms across five properties in three cities.
The new additions join its three existing Mumbai hotels: Sofitel Mumbai BKC, Lemon Tree Hotel, Kalina BKC, and ibis Mumbai BKC.
JW Marriott Bengaluru is located in the central business district near UB City, overlooking Cubbon Park.
Crowne Plaza Pune City Centre is situated on Bund Garden Road, adjacent to business zones and transit hubs.
The buyer intends to carry out operational upgrades at both sites, targeting guest accommodation, dining outlets, event spaces, and wellness facilities.
The transaction aligns with the company’s objective to build an operating portfolio of at least 2,500 rooms within the next five years.
To reach this volume, the group is deploying a dual model that couples secondary market hotel buyouts with greenfield construction on its existing land holdings and mixed-use developments, primarily in Mumbai.
An additional 650 to 700 rooms are already in the group’s active project pipeline across three developments: a site in Goa, a resort close to Pavana Lake, and an extension of Sofitel Mumbai BKC.
Shree Naman Group director Harsh J Shah said: “This acquisition marks an important step in our journey towards building a pan-India portfolio of world-class hospitality assets, building on our existing hotels in Mumbai and exciting developments underway.
“Over the coming years, we see opportunities to enhance both properties and strengthen their appeal to business and leisure travellers, while continuing to expand our hospitality portfolio through strategic acquisitions and new developments.”
