Piramal Capital & Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises has announced plans to lend ₹10,000 crore to hospitality projects across the country over three years.
“Over six months, we have deployed more than ₹2,000 crore towards the hospitality sector as we scale our offerings in this vertical to reach a target book size of ₹10,000 crore in the next three years,” said MD Khushru Jijina.
Recently, the company announced an investment of ₹650 crore in the Gurgaon-based SAMHI Group which owns 29 hotels.
ADVERTISEMENT
Westin, JW Marriott
This was the third transaction by PCHFL in the hospitality sector over the last six months. The firm had lent ₹600 crore to Vatika Group (for the Westin Gurgaon and the Westin Sohna) and ₹600 crore to Advantage Raheja Group (for the JW Marriott, Bengaluru and the Crowne Plaza in Pune).
All loans had been given against operational assets, the firm said. PCHFL has also concluded five other transactions, totalling ₹450 crore against hotel assets, three of which are operational and two are in the final stages of construction and fit-out, operated by brands such as the Taj, Hyatt and Radisson.
ADVERTISEMENT
Of this, ₹100 crore would be extended as last-mile funding towards the completion of the first Taj Luxury Resort in Himachal Pradesh coming up in Theog, near Shimla.
“The industry is firmly on a path of growth, ably supported both domestic and foreign tourism, has higher disposable income and is witnessing a general change in spending habits of target customers,” he said.