SAMHI Hotels Says Co, GIC Establish Joint Venture For Upscale Hotel Assets In India
Reuters
24 Apr
April 24 (Reuters) - Samhi Hotels Ltd :: *SAMHI HOTELS LTD - GIC AND SAMHI ESTABLISH JOINT VENTURE FOR UPSCALE HOTEL ASSETS IN INDIA *SAMHI HOTELS - GIC TO ACQUIRE 35% STAKE IN THREE SAMHI UNITS FOR 7.52 BILLION RUPEES *SAMHI HOTELS - UPON CLOSING, EXPECTS 5.8 BILLION RUPEES DEBT REDUCTION; 15-20% PAT INCREASE *SAMHI HOTELS - 1.49 BILLION RUPEES TO PART FUND CAPEX FOR WESTIN/TRIBUTE PORTFOLIO *SAMHI HOTELS - BOTH PARTIES TO EXPLORE GROWTH OPPORTUNITIES IN UPSCALE, HIGHER SEGMENT *SAMHI HOTELS - TO GROW JOINT VENTURE PORTFOLIO IN 65-35 RATIO *SAMHI HOTELS - PARTNERSHIP WITH EQUITY INVESTMENT PLAN OF UP TO $300 MILLION
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