JLL closes transaction mandate for a hotel sale in Ahmedabad

Real estate investment and advisory firm JLL on Wednesday announced the completion of its mandate for the sale of 156 keys Ganesh Meridian Hotel in Ahmedabad.

According to a press release issued by the firm, the little over one-year-old hotel located on the SG Highway has been acquired by Caspia Hotels, a fully-owned subsidiary of SAMHI Hotels Pvt Ltd and will be rebranded with an international upscale brand shortly. The hotel was owned and operated by Shree Siddhi Group, a local real estate development company located in Ahmedabad.

Commenting on the transaction, Mandeep Lamba, Managing Director – India, Hotels & Hospitality Group, JLL, said, “We are delighted to have been exclusive advisors to this significant hospitality transaction, and to be a part of the Hospitality M&A space which has seen more deals taking place in the current year than in any single year over the last six to seven years. This augurs well for the industry that has witnessed a severe slow- down, and confirms renewed investor interest in hospitality-related investments.”

Shobhit Agarwal, Managing Director – Capital Markets, JLL India, said, “The market for hospitality investments is showing reasonable appetite for growth, given the current year’s performance. As always, we intend to be in the right place at the right time, offering the right services.”