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Last Updated : Mar 25, 2019 05:04 PM IST | Source: Moneycontrol.com

2019 may be a strong year for deals in Indian hospitality sector: Report

The volume of transactions in the hotel industry could cross $800 million, the highest so far in the sector, the study said.

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Analysts and experts expect 2019 to be a strong year for deals in the hospitality industry, an Economic Times report said quoting a study by real estate consultancy HVS Anarock.

The hospitality space will see a healthy performance in the fourth quarter of the current financial year, as per the study.

The volume of transactions in the hotel industry could cross $800 million (about Rs 5,500 crore), the highest so far in the sector, the report added.

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On March 18, Hotel Leela Venture said it will sell five of its properties to Brookfield for Rs 3,950 crore. Lemon Tree Hotels on March 14 said it will sell 100 percent of Key Hotels to Berggruen Hotels.

"The sale of the Leela Hotels portfolio is a welcome development as it releases a leading Indian luxury portfolio from the crippling crisis it had been facing over the last several years," HVS Anarock's Mandeep Lamba told ET.

Blackstone Group recently received the green signal from lenders to acquire bankrupt Golden Jubilee Hotels, a media report suggests.

"There is a positive sentiment in the market now that if you have assets that are credible, you will get a buyer, which was never the case at that level. It appears that institutional investors like Brookfield, Blackstone and KKR are serious about doing business in the hotels space. They were focusing on real estate," Jaideep Dang, MD of Jones Lang LaSalle's hospitality business told ET.

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First Published on Mar 25, 2019 05:04 pm
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