Brigade Hotel Ventures Ltd (BHVL), the hospitality arm of the Brigade Group, is set to expand its portfolio with five new hotel developments, even as it gears up for a public offering worth INR 760 crore. The IPO will open on July 24 and close on July 28, with a price band of INR 85–90 per share.
The new pipeline includes a luxury beachfront resort in Chennai and two upper midscale hotels in Bengaluru. “We’ve already tied up both land and brand for five hotels, including three under the Marriott umbrella. In one case, land acquisition is done but brand selection and key count are pending,” said Nirupa Shankar, Joint Managing Director of Brigade Group.
According to its red herring prospectus, BHVL will earmark INR 90 crore from the IPO proceeds for an opportunistic asset yet to be disclosed. The remaining funds will go toward debt repayment, project development, and acquisitions.
Shankar confirmed BHVL will continue to follow an asset-heavy model, focusing on owning and building hotels tailored to micro-markets. “Once payback is done, owned hotels become strong cash generators,” she said.
Currently, BHVL operates nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City with a total of 1,604 keys. The portfolio was recently boosted by the launch of the 130-key ibis Styles Mysuru.
In FY25, the company reported a topline growth of around 16–17%, with EBITDA rising 15%. Rooms contribute 62% of revenue, F&B around 32%, and the rest from other departments. Banqueting and catering, along with increased demand from corporate meals and food delivery platforms, drove a 20% growth in F&B revenue.
JM Financial Ltd and ICICI Securities Ltd are the lead managers for the IPO.
