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Bar and Bench Report on the Sinclair Transaction

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PXV Partners advise Sinclairs to acquire majority stake in Savannah Hotels

Bar & Bench News Network, Nov 11, 2o11

http://barandbench.com/brief/8/1836/all/pxv-partners-advise-sinclairs-to-acquire-majority-stake-in-savannah-hotels

Kolkata-based hospitality firm Sinclair Hotels has acquired majority stake in Savannah Hotels that owns Savannah Sarovar Premiere, an upscale 104-room business hotel in Whitefield, Bangalore.

PXV Partners advised Sinclair with a team led by Managing Partner Rohit Das and Partner Pingal Khan along with Senior Associate Mrunmayee Malabika.  

Savannah was advised by its in-house team.

Savannah Hotels was developed in 2007 and the promoters got into a long term management and marketing contract with Sarovar Hotels and Resorts, which is a master-franchisee of Minneapolis-based Carlson Hospitality Worldwide brands Park Plaza and Park Inn.

Xander Capital backed Sinclairs presently owns and operates five properties in Siliguri, Darjeeling, Dooars, Port Blair and Ooty. It is also developing three additional hotels which include a 46 room luxury resort in Kalimpong, a club and banquet complex with a 20 room hotel in Burdwan and a 106 room premier business hotel in Rajarhat, Kolkata, reports Dealcurry.

Lately, there have been number of deals in this sector. In September, the Promoters of UK-based Lebara Group have acquired hotel property in Chennai from RAS Adyar Hotel Limited, which is promoted by former Supreme Court Judge, Justice V. Ramaswami’s family.

FoxMandal Little advised Lebara Group on this transaction.

Mayfair Group of Hotels acquired Oberoi Group’s Palm Beach property at Gopalpur, Orissa for Rs. 10 crore. Also, Hotel Leela Ventures is selling upcoming beachfront luxury property in Chennai to NRI industrialist Ravi Pillai for Rs. 500 crore, according to Dealcurry.

 

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