Prestige Estates buys 50% stake in Advent Convention and Hotels International for Rs 504 crore

Realty firm Prestige Estates Projects Ltd has acquired 50 per cent stake in Advent Convention and Hotels International Ltd for Rs 504 crore as parts of its expansion plan.

Bengaluru-based Prestige Estates has entered into an investment agreement to acquire 50 per cent stake in Advent Convention and Hotels International Ltd (ACHIL), which is undertaking development of a commercial project in Mumbai, according to a regulatory filing on July 3.

Prestige and ACHIL would develop a commercial project on lands admeasuring to 21,978.22 square metre at Andheri East, Mumbai.


"The project entails a total leasable area of 1.50 million sq ft and has a gross development value of Rs 4,500 crore," it said.

Prestige Estates will infuse an amount of up to Rs 504 crore for the acquisition of the 50 per cent stake in ACHIL, the filing said.

Prestige Estates, one of the leading real estate developers in the country, builds housing, commercial (office complexes and shopping malls) and hospitality projects.

Recently, the company reported a two-fold jump in net profit to Rs 1,195.5 crore for the last fiscal year from Rs 467.5 crore in 2024-25.

The total income rose to Rs 13,195.5 crore during 2025-26 against Rs 7,735.5 crore in the preceding year.

Since its inception, the group has delivered 313 projects spanning 206 million sq ft. It has a pipeline of 128 projects across 195 million sq ft.