Prestige Hospitality IPO : Prestige Hotel Business to list the company on the stock market, know about the plan

According to sources, the company is eyeing a possible valuation of its hospitality business between Rs 17,000 crore and Rs 20,000 crore. The company has appointed JM Financial, JP Morgan and CLSA as bankers for the IPO. Shares of Prestige Estate Projects fell 1.51 percent to close at 1843 levels in today's trade.

Plan for expansion of hotel business

The company is continuously working to expand its hotel business. In March this year itself, an agreement was signed between Prestige and global hotel company Marriott International to develop 6 hotel projects in Karnataka and Goa over the next 2 to 5 years.

Marriott will also launch some new brands in the country in collaboration with the company. Under this plan, the company will invest 1000 crore rupees in new hotels. In March itself, Prestige signed a Rs 2000 crore deal with Abu Dhabi Investment Authority and Kotak Investment Fund to invest in projects in 4 cities.

12 projects in the hospitality segment were completed by the end of March

According to the March quarter results, 12 projects of the company's hospitality segment have been completed by the end of March. Three projects of 30 lakh square feet are underway and 5 projects of 20 lakh square feet are coming up. Last year the company's revenue from the hospitality segment was Rs. 789.9 crores. The profit was Rs 38.5 crore. The company operates resorts, business hotels, serviced apartments and convention centers.

According to reports, the company may double its hospitality portfolio in the next few years. The company can invest a total of Rs 1,700 crore. The real estate company currently has 1,849 hospitality assets across the country. The company is reviewing its hospitality portfolio to leverage it.

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