NADATHUR Holdings, the investment firm of Infosys founder NS Raghavan, has acquired majority stake in Bangkok-based BMC Management Corp, which operates a chain of boutique hotels and resorts in Thailand and Cambodia.
Nadathur, a $500-million fund, has acquired the stake through a group firm, Ativa Hospitality, marking its foray into the leisure business. Ativa Hospitality, which is focused on hotel development and management, will now look for similar buyouts in India as well.
Through BMC, originally incorporated as Bed Management Company in 2004, Ativa is expected gain access to properties in Laos, Vietnam, Myanmar and south western provinces of China going forward. BMC controls or manages a chain of properties, and has a few projects under development, in the Greater Mekong region comprising the above mentioned markets. Nadathur did not disclose the deal size, but sources said the transaction also involves ongoing investments into properties under development. O3 Capital advised Ativa Hospitality on the acquisition.
BMC operates Hotel De La Paix and Shinta Mani Hotel at Siem Reap in Cambodia. It also has management associations with Indigo Pearl and Trisara at Phuket in Thailand.
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