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Nadathur Picks Majority Stake in BMC, Asiana Raises $32.5 Million

15 June, 2009

This seems to be the time for investments in Hospitality as two major deals have been finalised recently in the sector. While Chennai-based Asiana Hotels and Resorts has raised funds from Banyan Fund Management, Bangalore-based Nadathur Holdings has picked up a majority stake in Bangkok-based BMC Management Corp, which operates a chain of boutique hotels and resorts in Thailand and Cambodia.

Chennai-based Asiana Hotels and Resorts has raised A$40 million or US$32.5 million from Australia’s Banyan Fund Management. The company plans to use the raised funds for its upcoming projects in Sriperumbudur, Pillaiyarpatti (Karaikudi) and Rameshwaram. The company has a land bank of over 300 acres in the three places.

The work on the Sriperumbudur project is expected to begin in about 15 days. It will have a total of 219 hotel rooms and serviced apartments. The work on Pillaiyarpatti and Rameshwaram will begin by the end of the year. Asiana plans to develop a 240 room resort and 140 villas at Rameshwaram in the first phase.

Nadathur Holdings, which is a $500 million fund owned by Infosys co-founder, NS Raghavan,  has acquired the majority stake in BMC Management through its group company, Ativa Hospitality. Ativa is scouting for such buyouts in India also. The company is focused on hotel development and management.

The acquisition will help Ativa in gaining access to the markets in Laos, Vietnam, Myanmar and south western provinces of China. BMC has properties that it controls or manages in these regions. Ativa has neither disclosed the amounts invested nor the percentage of stakes picked up. o3 Capital had advised Ativa in the deal.

BMC operates hotel like Hotel de la Paix and Shinta Mani Hotel at Siem Reap in Cambodia. The company also has management tie ups with Indigo Pearl and Trisara at Phuket in Thailand. The company management team is looking at expanding the boutique hospitality services in the South East Asian markets.

Nadathur Holdings has earlier invested in various IT companies like Cades Digitech Private Ltd., CoOptions Technologies, Megatech Controls etc. the company had recently started focusing its investments in the hospitality and real estate sectors. It has also invested Rs 220-crore in a Sobha Developers’ SPV (Special Purpose Vehicle).


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Nadathur Picks Majority Stake in BMC, Asiana Raises $32.5 Million

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