Kolkata-based Sinclairs Hotels today said it had acquired a majority stake in Savannah Hotels, which owns Savannah Sarovar Premiere, an upscale business hotel in Bengaluru, for an undisclosed price.
Subsequent to the acquisition of majority stake in the company, two new directors representing Sinclairs and three independent directors have been inducted into the board of Savannah Hotels.
The company, however, did not disclose details of the transaction such as the quantum of stake and the financials involved.
Commenting on the acquisition Sinclairs Hotels CEO and Managing Director Navin Suchanti said: "This new acquisition is in line with our strategy to achieve accelerated growth through thoughtful acquisition of operating hotels."
The 104-room Savannah Sarovar Premiere hotel has two restaurants, conference and banqueting facilities, a roof top swimming pool and a fully equipped health club, the company said.
Sinclairs currently own and operate 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.
"On completion of the Bengaluru acquisition and the current development projects, Sinclairs' total room inventory will increase to over 600 rooms," it said.