Hospitality | Hotels & Resorts | Prestige Group | Pre-IPO / Strategic Investment
Company: Prestige Hospitality Ventures Limited
CIN: U45500KA2017PLC109059
Sector: Hospitality
Industry: Luxury, Upper-Upscale & Upper-Midscale Hotels and Resorts
Status: Public Limited Company, Unlisted
Incorporated: 29 December 2017
Registered & Corporate Office: Prestige Falcon Tower, No. 19, Brunton Road, Bengaluru – 560025, Karnataka
Promoter: Prestige Estates Projects Limited
Face Value: ₹5 per equity share
Prestige Hospitality Ventures Limited (PHVL) is the hospitality platform of the Prestige Group, focused on owning, developing and operating hotels and hospitality assets across major Indian markets.
The company operates primarily in the luxury, upper-upscale and upper-midscale segments, with properties associated with global hotel brands including Marriott International, Hilton Worldwide and Banyan Group.
PHVL has been preparing for a public-market listing through an IPO, but the company’s capital-raising strategy has evolved during 2026. In August 2026, Prestige Estates announced a binding framework agreement under which CPP Investments may invest up to ₹3,000 crore for an aggregate stake of up to 28% in PHVL, subject to conditions and approvals.
1. Company Background
Prestige Hospitality Ventures originated as a partnership firm called M/s Prestige Hospitality Ventures, established in February 2017. It was subsequently converted into a public limited company in December 2017.
The company’s name was changed to Prestige Hospitality Ventures Limited in July 2024. Its promoter is Prestige Estates Projects Limited.
PHVL was created as the dedicated hospitality platform of Prestige Group, separating the hotel business from the group’s larger residential, commercial and retail operations.
The company is therefore designed to operate as a focused hospitality asset owner and developer rather than as a diversified real-estate developer.
2. Business Model
PHVL’s business can broadly be divided into:
A. Hotel Ownership
The company owns or holds interests in hospitality assets located in major Indian markets.
B. Hotel Development
PHVL develops new hotel projects in partnership with international hotel operators.
C. Hotel Operations
The company works with international hospitality brands to operate properties under established global standards.
D. Hospitality Asset Development
The business includes large-format hotels, resorts and associated hospitality infrastructure.
The company describes itself as a hospitality asset owner and developer focused on luxury, upper-upscale and upper-midscale hospitality assets serving both business and leisure travellers.
3. Operating Portfolio
As of 31 December 2024, PHVL had:
| Portfolio | Projects / Assets | Keys |
|---|---|---|
| Operating hotels | 7 | 1,445 |
| Ongoing hotels | 3 | 951 |
| Upcoming hotels | 9 | 1,558 |
| Total operating + pipeline | 19 | 3,954 |
One of the seven operating assets, Marriott Executive Apartments UB City, was undergoing renovation and rebranding at the time of the portfolio disclosure.
The portfolio is spread across:
- Bengaluru
- Delhi NCR
- Mumbai
- Chennai
- Goa
- Hyderabad
- Sakleshpur
4. Major Operating Hotels
Conrad Bengaluru
Brand: Conrad
Operator: Hilton Worldwide
Segment: Luxury
Keys: 285
Conrad Bengaluru is one of the company’s flagship luxury properties.
JW Marriott Hotel Bengaluru
Brand: JW Marriott
Operator: Marriott International
Keys: 301
The property provides exposure to the premium business and luxury hospitality market in Bengaluru.
Sheraton Bengaluru Whitefield Hotel & Convention Centre
Brand: Sheraton
Operator: Marriott International
Keys: 360
The property provides exposure to Bengaluru’s large corporate and technology-driven business market.
Angsana Oasis Spa & Resort
Brand: Angsana
Operator: Banyan Group
Keys: 79
The resort provides exposure to the leisure and wellness segment.
Mulberry Shades
Brand: Tribute Portfolio
Operator: Marriott International
Keys: 102.
Moxy Bengaluru Airport Prestige Tech Cloud
Brand: Moxy
Operator: Marriott International
Keys: 128.
Marriott Executive Apartments UB City
Brand: Marriott Executive Apartments
Keys: 190
This asset was undergoing renovation and rebranding, with Marriott International expected to manage the property after renovation.
5. Development Pipeline
PHVL has a sizeable hotel-development pipeline.
Under Construction / Implementation
| Project | Location | Brand | Keys |
|---|---|---|---|
| St. Regis | Delhi Aerocity | Marriott | 188 |
| Marriott Marquis | Delhi Aerocity | Marriott | 590 |
| W Bengaluru | Bengaluru | Marriott | 173 |
| Total | 951 |
Upcoming / Planning Stage
The company has another 1,558 keys across projects under various stages of planning and approvals.
These include:
- The Mumbai EDITION – Mumbai
- Moxy ORR Bengaluru
- Moxy Chennai
- St. Regis Budvel Hyderabad
- Aloft Hyderabad Prestige City
- JW Marriott Goa
- Autograph Collection Goa
- Tribute Portfolio Dabolim
- JW Marriott Sakleshpur Plantation Resort
This provides PHVL with a potential expansion from approximately 1,445 operating keys to nearly 4,000 operating + pipeline keys, subject to project completion and approvals.
6. Delhi Aerocity Opportunity
One of the most important projects in the pipeline is the Delhi Aerocity development.
The project includes:
St. Regis Delhi
Approximately 188–189 rooms
Marriott Marquis Delhi
Approximately 590 rooms
Together, these properties represent nearly 780 hotel rooms, alongside a significant commercial component.
The wider development also includes approximately 2 lakh sq. ft. of conferencing space and around 6.15 lakh sq. ft. of leasable office/business-centre/F&B space under Prestige Trade Centre.
The Delhi Aerocity project provides exposure to:
- Corporate travel
- International travellers
- MICE
- Luxury hospitality
- Airport-linked business demand
- Premium commercial real estate
7. Mumbai Opportunity
PHVL is also developing a Mumbai EDITION property.
The company has disclosed approximately 165 keys for The Mumbai EDITION in its current portfolio disclosure.
Mumbai is one of India’s largest corporate and luxury hospitality markets, providing PHVL with exposure to business travel, high-end leisure and MICE demand.
8. Goa Portfolio
Goa is an important leisure-hospitality market for Prestige.
The pipeline includes:
- JW Marriott Goa Prestige Golfshire Resort & Spa
- Autograph Collection
- Tribute Portfolio Dabolim
Together, the disclosed projects provide exposure to luxury and upper-upscale leisure tourism.
9. FY2025 Financial Performance
The financial information disclosed in the IPO documentation provides the following restated figures:
| Particular | FY2025 / 9M FY2025* | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | ₹701.53 Cr* | ₹992.80 Cr | ₹1,040.80 Cr |
| EBITDA | ~₹310.00 Cr* | ₹509.30 Cr | ₹468.40 Cr |
| PAT | ~₹90.27 Cr* | ₹161.70 Cr | ₹156.10 Cr |
| EBITDA Margin | 46.57%* | 51.30% | 45.00% |
| PAT Margin | 10.17%* | 16.29% | 15.00% |
| Debt / Equity | 3.30x* | 2.62x | 2.88x |
*The FY2025 figures in the IPO financial analysis are based on the nine-month period ended December 2024 and annualised/restated data, rather than a full March 2025 audited year comparison.
Therefore, these figures should not be presented as FY2025 full-year audited revenue/PAT without qualification.
10. FY2026 Operating Update
The hospitality business continued to scale during FY2026.
Prestige Estates’ disclosures indicate that the hospitality vertical generated approximately ₹345.9 crore of standalone revenue in FY2026 for PHVL.
During Q1 FY2027, the broader Prestige hospitality business reported approximately:
Revenue: ₹300–350 crore range
EBITDA Margin: around 41%
Management highlighted strong occupancy and room-rate performance supported by corporate travel and leisure demand.
11. Global Hotel Brand Partnerships
One of PHVL’s major strategic advantages is its association with established international hotel operators.
Current and pipeline brands include:
Marriott International
- JW Marriott
- Sheraton
- Moxy
- St. Regis
- Marriott Marquis
- W
- EDITION
- Autograph Collection
- Tribute Portfolio
- Marriott Executive Apartments
Hilton Worldwide
- Conrad
Banyan Group
- Angsana
The company’s industry report shows that the operating portfolio consists of seven brands across three major international hotel companies.
12. Why Brand Partnerships Matter
International hotel brands can provide:
- Global reservation systems
- International customer acquisition
- Loyalty-programme traffic
- Standardised operating processes
- Brand recognition
- Corporate travel relationships
- Revenue-management expertise
For PHVL, these relationships allow the company to combine real-estate ownership with professional hotel management.
13. Current Strategic Development – CPP Investments
This is one of the most important recent developments for PHVL.
In August 2026, Prestige Estates Projects entered into a binding framework agreement with CPP Investment Board Private Holdings (CPP Investments) for an investment of up to ₹3,000 crore in Prestige Hospitality Ventures.
The proposed transaction could result in CPP Investments holding an aggregate stake of up to 28% in PHVL. The transaction remains subject to due diligence, definitive agreements, regulatory approvals and other conditions.
This transaction is significant because it potentially provides PHVL with a large institutional capital partner while also changing its ownership structure.
14. IPO Status – Important Update
PHVL had previously filed a Draft Red Herring Prospectus (DRHP) with SEBI for an IPO.
The April 2025 DRHP proposed:
- Fresh issue of up to ₹1,700 crore
- Offer for sale of up to ₹1,000 crore
- Total proposed issue size of up to ₹2,700 crore
The promoter identified in the DRHP was Prestige Estates Projects Limited.
However, the IPO route has become uncertain during 2026.
Prestige management indicated that the hospitality arm retained an IPO option through 30 September 2026, while simultaneously exploring private-equity funding.
The subsequent CPP Investments transaction means investors should not assume that the earlier ₹2,700 crore IPO structure will proceed unchanged.
15. Ownership Structure
Prestige Hospitality Ventures has historically been a wholly owned subsidiary of Prestige Estates Projects.
The proposed CPP Investments transaction could introduce a new institutional shareholder with an aggregate stake of up to 28%, subject to completion of the transaction.
This makes the company particularly relevant for investors tracking the potential separation or monetisation of Prestige Group’s hospitality business.
16. Management
Key management and board members disclosed by the company include:
Irfan Razack
Chairman & Non-Executive Director
Omer Bin Jung
Joint Managing Director
Mohmed Zaid Sadiq
Joint Managing Director
Suresh Singaravelu
Chief Executive Officer
Shamik Rudra
Chief Financial Officer
The current board also includes independent directors such as Ajoy Mehta, Mohankumar Parameshwara Krishna, Perpetua Kumar and Dilip Puri.
17. Key Strengths
Prestige Group Brand
PHVL benefits from the established Prestige Group brand and its decades of experience in real estate and hospitality.
Premium Hotel Portfolio
The company operates in luxury, upper-upscale and upper-midscale segments rather than focusing solely on budget hospitality.
International Brands
Partnerships with Marriott, Hilton and Banyan Group provide international distribution and operating expertise.
Large Development Pipeline
PHVL’s disclosed portfolio includes 1,445 operating keys, 951 keys under implementation and 1,558 keys in planning, giving it a total disclosed portfolio of approximately 3,954 keys.
Geographic Diversification
The portfolio spans:
Bengaluru + Delhi NCR + Mumbai + Goa + Hyderabad + Chennai + Sakleshpur
This reduces dependence on one city compared with a single-market hotel operator.
Institutional Capital Interest
The proposed ₹3,000 crore CPP Investments transaction represents a significant institutional capital commitment, although completion remains subject to conditions.
18. Key Risks
High Debt
The IPO financial disclosures showed debt/equity of approximately 3.30x on the latest comparable period. Hotel development is capital intensive, and interest costs can materially affect profitability.
Hospitality Cyclicality
Hotel occupancy and room rates can be affected by:
- Economic cycles
- Corporate travel
- Tourism
- Consumer spending
- International travel
- Geopolitical events
Execution Risk
The company has a sizeable development pipeline. Delays in construction, approvals or hotel openings can defer revenue generation.
Brand Dependence
PHVL’s operations rely substantially on international hotel brands and management arrangements. Changes in brand relationships could affect individual assets.
IPO Uncertainty
The company has an IPO history, but the strategic direction has changed with the proposed CPP Investments transaction and private-capital discussions. Investors should not assume an immediate listing.
Capital Intensity
Hotels require significant upfront capital, while returns are generated over long operating periods.
Interest Rate Risk
Higher borrowing costs can pressure project-level returns and cash flows.
Unlisted Liquidity
Until a potential listing or other liquidity event, PHVL shares may have limited secondary-market liquidity and uncertain exit timelines.
19. Unlisted / Pre-IPO Investment Perspective
PHVL is particularly relevant to investors looking for exposure to India’s premium hospitality and hotel-development sector.
The key factors to examine include:
1. Hotel-Level Economics
Investors should analyse:
- Occupancy
- Average Daily Rate (ADR)
- Revenue per Available Room (RevPAR)
- EBITDA per room
- Hotel-level cash flow
2. Existing Asset Value
The value of operating hotels and associated land/real-estate assets is an important component of PHVL’s underlying value.
3. Development Pipeline
The 2,509 pipeline keys across ongoing and upcoming projects provide a potential long-term growth opportunity, subject to execution.
4. Debt
Debt levels need to be considered alongside the asset value and cash-generation capability of individual hotels.
5. CPP Investment
The proposed CPP Investments transaction provides an important market reference, but the final terms, capital structure and stake acquired should be verified once definitive agreements and completion details are disclosed.
6. IPO vs Strategic Investment
For an investor holding PHVL shares in the unlisted market, the expected liquidity route is particularly important because the company now has more than one potential capital-market path.
20. IPO / Listing Status
As of 23 September 2026, Prestige Hospitality Ventures remains unlisted.
The company had filed a DRHP for a proposed ₹2,700 crore IPO in 2025.
However, the IPO timetable has subsequently become uncertain, with Prestige Group exploring a strategic/private-equity route. The proposed CPP Investments transaction of up to ₹3,000 crore for up to 28% further changes the capital-raising landscape.
Therefore, investors should not assume that PHVL will necessarily list on the terms or timetable described in the original DRHP.
21. Company Snapshot
| Parameter | Details |
|---|---|
| Company | Prestige Hospitality Ventures Limited |
| Sector | Hospitality |
| Industry | Hotels & Resorts |
| CIN | U45500KA2017PLC109059 |
| Incorporated | 29 December 2017 |
| Promoter | Prestige Estates Projects Limited |
| Headquarters | Bengaluru |
| Status | Public & Unlisted |
| Operating Hotels | 7 |
| Operating Keys | 1,445 |
| Ongoing Keys | 951 |
| Upcoming Keys | 1,558 |
| Total Portfolio | ~3,954 keys |
| Key Markets | Bengaluru, Delhi NCR, Mumbai, Goa, Hyderabad, Chennai, Sakleshpur |
| FY2025 Restated PAT | ~₹90.27 Cr* |
| FY2025 Restated Revenue | ~₹701.53 Cr* |
| FY2024 Revenue | ₹992.80 Cr |
| FY2024 PAT | ₹161.70 Cr |
| FY2024 EBITDA | ₹509.30 Cr |
| Proposed CPP Investment | Up to ₹3,000 Cr |
| Potential CPP Stake | Up to 28% |
| Original IPO Size | Up to ₹2,700 Cr |
| Current Listing Status | Unlisted |
*Latest IPO financial disclosures cited here include annualised/restated 9M FY2025 information and should not be confused with a full-year FY2025 audited number.
22. Important Links
Prestige Hospitality Ventures – Official Website:
Prestige Hospitality Ventures
Company – About Us:
Prestige Hospitality Ventures – About Us
PHVL Industry Report:
India Hotel Industry Report – PHVL
PHVL DRHP:
Prestige Hospitality Ventures DRHP
Prestige Estates Projects – Official Website:
Prestige Estates Projects
Disclaimer
This report is prepared for educational and informational purposes only and should not be considered investment advice, a recommendation, solicitation, or an offer to buy or sell securities.
Prestige Hospitality Ventures Limited is an unlisted public company. The company had filed an IPO document, but its current capital-raising strategy is evolving, including the proposed investment by CPP Investments. IPO timelines, transaction terms, ownership changes and potential listing plans remain subject to definitive agreements, regulatory approvals and other conditions.
Financial and operating figures have been compiled from company disclosures, IPO documents and publicly available sources. Some historical IPO financial figures are based on restated or annualised periods and should not be interpreted as full-year audited results without checking the underlying financial statements.
Hotel businesses are capital intensive and exposed to occupancy, room rates, economic cycles, tourism, interest rates, execution and regulatory risks. Unlisted shares also involve limited liquidity, valuation uncertainty, absence of continuous market price discovery, transfer restrictions and uncertain exit timelines.
Investors should independently verify the latest financial statements, capital structure, shareholding, CPP transaction terms, IPO documents, valuation and applicable transfer restrictions before making any investment decision.
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