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Blackstone to acquire 55% stake in Ritz-Carlton Hotel in Bengaluru for Rs.700-Cr: report

Economic Times   Ritz-Carlton Bengaluru  

US-headquartered investment firm Blackstone is to acquire a 55% stake in Nitesh Residency Hotel, the entity that owns the hotel Ritz-Carlton Bengaluru , from Nitesh Land. This transaction is valued at INR 600-700 crore, placing the total valuation of the 277-room five-star property between INR 1,200-1,400 crore.Axis Securities is the transaction advisor, with Cyril Amarchand Mangaldas, JSA, Trilegal, EY, PwC, and Kotak Securities providing support in various capacities.The Ritz-Carlton Bengaluru, launched in 2014, is Nitesh Group's flagship hospitality project and is operated under the Ritz-Carlton brand by Marriott International. Nitesh Shetty, founder of Nitesh Land, will retain a 45-49% stake in the entity. The hotel recorded earnings before interest, taxes, depreciation, and amortisation (EBITDA) of INR 105 crore for FY25.The property previously faced insolvency proceedings initiated by Yes Bank during the Covid-19 pandemic, which were subsequently resolved through mediation, with Kotak Mahindra Bank replacing Yes Bank as the lender.