Luxury hotel changes hands in Pune

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AZB & Partners advised Belaire Hotels and Belaire Group, owner of the Novotel Pune Nagar Road Hotel and its affiliate entity Seapearl Hotels, in a 100% share capital acquisition by Chalet Hotels from the Belaire Group and Accor Group at a net consideration of ₹1.7 billion (US$24.7 million).

The acquisition includes 100% equity shares and 100% of zero coupon fully and compulsorily convertible debentures of Belaire Hotels, and 100% of the equity shares of Seapearl Hotels and 100% of zero coupon fully and compulsorily convertible debentures, for a complete cash consideration.

The transaction team comprised AZB’s partners Sai Krishna Bharathan and Shivani Kabra, and senior associate Vasudha Asher.

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