Sinclairs Hotels Limited (SHL) has acquired majority ownership in Savannah Hotels Private Limited which owns Savannah Sarovar Premiere, an upscale business hotel in Whitefield, Bangalore. The 104-room hotel is a four-star operational property.
Two new directors representing Sinclairs and three independent directors have been inducted into the board of Savannah Hotels Pvt. Ltd.
Commenting on the acquisition, Navin Suchanti, CEO and Managing Director, Sinclairs Hotels, said, “This new acquisition is in line with our strategy to achieve accelerated growth through acquisition of operating hotels. Our presence in Bangalore, will add tremendous value to the company.”
SHL has five hotels, including one in Ooty, and is now implementing a greenfield expansion plan to add 160-keys at an investment of Rs.80 crore,” he said while adding that some more acquisitions were being looked at in South India.
SHL's properties are in Siliguri, Darjeeling, Dooars, (West Bengal), Port Blair and Ooty. Its three new hotels are coming up in Kalimpong, Bardhaman and Rajarhat near here. On completion of Savannah Hotels acquisition and the current development projects, Sinclairs' total room inventory will increase to over 600.
Sinclairs is also in active discussions with leading real estate companies to develop top of the market residential condominiums and organised retail to complement its established and highly visible operational hotel as part of its overall plan for a mixed use city centre in the rapidly growing city of Siliguri. Relevant government approvals and sanctions for the additional development on land owned by Sinclairs alongside the existing hotel are already in place.
Sinclairs remains debt-free even after the Savannah acquisition.