Brigade Hotel Ventures to add five new hotels; ₹760-cr IPO opens July 24
Nirupa Shankar, Joint Managing Director, Brigade Group | Photo Credit: BIJOY GHOSH
Brigade Hotel Ventures (BHVL) plans to add five hotels to its portfolio, Managing Director Nirupa Shankar told businessline. “We have five hotels where both land and brand are tied up. We’ve also signed three hotels with Marriott; brands are finalised, but land formalities are being completed. And there’s one more site where we have bought the land but brand tie-up and key count are pending,” she said.
According to the RHP, the company plans to develop a luxury beach resort in Chennai and two upper midscale hotels in Bengaluru.
As per the RHP, BHVL will allocate ₹90 crore from the IPO for an unidentified, opportunistic asset. Shankar emphasised that the company’s core strength lies in building and owning hotels. “When we develop from scratch, we can tailor the hotel to the micro market, banquet size, room mix, F&B outlets, working closely with the operator to get the product right.”
She added that BHVL has no plans to pursue an asset-light model. “Owned hotels become huge cash cows once the payback is complete.
Revenue mix & growth
Rooms account for around 62 per cent of BHVL’s topline, F&B contributes 32 per cent, while the rest comes from other operating departments. In the last fiscal, topline grew 16-17 per cent, EBITDA grew 15 per cent, while F&B grew 20 per cent, driven by higher banqueting, catering, and corporate meal volumes. Shankar sees additional upside from food delivery platforms and other off-premise channels.
BHVL owns and has developed nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City (Gujarat). With the opening of the 130-key ibis Styles Mysuru, total keys increased from 1,474 (as of March 31, 2023) to 1,604.
The ₹760 crore IPO, which opens on July 24–28 at a price band of ₹85-90 per share, will entirely be fresh issue of shares. Proceeds will be used to repay past borrowings, fund new projects, and pursue acquisitions. JM Financial Ltd and ICICI Securities Ltd are the Book Running Lead Managers to the issue.
Published on July 21, 2025