$66 million invested by Goldman Sachs in Indian hotel firm, Samhi

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Goldman Sachs has invested 4.4 billion rupees ($66 million) for a significant minority stake in Indian hotel investment and development firm Samhi Hotels, the companies said in a statement on Tuesday. Samhi, which operates 10 hotels and is developing 16 more, will use the money to grow its portfolio to about 30 to 35 properties, the company’s Chief Executive Officer Ashish Jakhanwala told Reuters.

Its portfolio is leased to operators such as Marriott International, Starwood Hotels, Accor SA and Hyatt International. A gradual recovery in Asia’s third-largest economy is boosting demand for hotel rooms.Hotel occupancy in India in the year to March 31, 2015 rose to 60.3 percent, the highest in four years.

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