Investment cos eye up to 50% of Four Seasons

MUMBAI: Marquee global investors Brookfield Asset Management and GIC of Singapore are in the final lap to buy up to 50% stake in Adarsh Jatia's Provenance Land, which owns Four Seasons hotel and residences in Mumbai. Brookfield is possibly a frontrunner to clinch one of the largest FDI deals in the Indian hospitality sector, valuing Provenance Land at over Rs 2,000 crore. The 202-key hotel operates on a 4.5-acre property located at Worli, where Four Seasons-branded ultra luxury residences are under construction currently.

The country's first Four Seasons hotel started operating in 2008. A source said Jatia could divest between 26% and 49% in Provenance Land. The proceeds from the stake sale will be deployed for the firm's plans of developing branded luxury homes and offices ad joining the hotel.When contacted, Jatia declined to comment on the story . Brookfield and GIC of Singapore could not be reached for comments over the weekend.

Earlier media reports suggested that Jatia was building a 55-storeyed second tower with 26 luxury residences (for outright sale) with a price tag ranging from Rs 30 crore to Rs 100 crore. There are plans to build a third tower though there's no complete clarity on the end-use of the same.

If Brookfield, which owns Indian assets worth $4.7 billion, emerges as the winner, it will be the Canadian firm's first investment in India's hospitality sector. World's largest PE fund Blackstone, along with partner Embassy Group, had acquired Four Seasons hotel in Bengaluru.Blackstone had shown interest in Four Seasons Mumbai.GIC of Singapore has an investment in Indian JV between Accor Hotels and InterGlobe. French chain Accor owns Ibis and Novotel brands.