Now Reading: Shree Naman Group wins ₹1,800-crore bids for JW Marriott, Crowne Plaza
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Shree Naman Group wins ₹1,800-crore bids for JW Marriott, Crowne Plaza
Mumbai-based Shree Naman Group has won bids for the JW Marriott Hotel Bengaluru and Crowne Plaza Pune with an enterprise value of ₹1,800 crore, following a six-month insolvency resolution process. The real…
Mumbai-based Shree Naman Group has won bids for the JW Marriott Hotel Bengaluru and Crowne Plaza Pune with an enterprise value of ₹1,800 crore, following a six-month insolvency resolution process. The real estate developer submitted bank guarantees of ₹160 crore and ₹20 crore respectively for the two Advantage Raheja Group properties.
Creditors took the two hotels to the National Company Law Tribunal (NCLT) in July 2025 after defaults on debt payments. The JW Marriott alone has a default of ₹665.74 crore owed to Omkara Asset Reconstruction Company. The process attracted 45 expressions of interest and 11-12 resolution plans.
Shree Naman Group intends to retain full ownership of both hotels once clearances are obtained. However, the resolution plan remains subject to court proceedings, with the JW Marriott case pending before the Supreme Court and the Crowne Plaza case awaiting an NCLT order. The group owns the Sofitel Mumbai BKC and other hospitality assets across Mumbai and Goa.
Indian Opinion Analysis
The National Company Law Tribunal (NCLT) process under the Insolvency and Bankruptcy Code (IBC) is designed to maximise asset value, not necessarily to keep a hotel operating under its original brand. The winning bidder, Shree Naman Group, gets a branded operating asset, but the licensing agreements with Marriott and IHG for JW Marriott and Crowne Plaza respectively may need renegotiation or approval from the franchisors post-acquisition. The legal challenges by former promoters before the Supreme Court and NCLT could delay or alter the resolution timeline, which is common in IBC cases where ownership changes are contested. A key figure to watch is the ₹1,611 crore allocation to the single Bengaluru property, which implies a per-room valuation that benchmarks investor confidence in India's top hotel markets. The NCLT order on Crowne Plaza and the Supreme Court hearing on JW Marriott will determine if the deal closes in the coming months.
Source: livemint.com
This brief was synthesised by AI from the source linked above.
