India’s Hero Enterprise has formed a £500m joint venture with Catalyst Capital to invest in hotels in UK and Ireland.
The vehicle Hero Catalyst Hospitality Ventures will acquire and develop hotels, serviced apartments and hospitality-led projects. It will also look to invest alongside landowners, owners and developers.
Hero Catalyst Hospitality Ventures is developing more than 1,000 hotel rooms and serviced apartments in Manchester and Edinburgh.
Rob Skelston, head of development for Hero Catalyst Hospitality Ventures, said: “We believe this is an opportune time to expand our hotel development programme, leveraging the experience and expertise at Catalyst Capital combined with the reputation, management strength and credibility of Hero Enterprise.”
Julian Newiss, chairman of Catalyst, said, “While working with Hero Enterprise, we are aligning ourselves with one of India’s most credible business houses and Hero’s considerable business experience will complement our expertise in hospitality development and investment management.”
Sunil Kant Munjal, chairman of Hero Enterprise, said: “This venture provides an ideal platform to establish a world-class hospitality development business in the region.
“As long-term partners, we aim to bring stability and growth to this hospitality venture while creating value for all stakeholders.”
Hero Enterprise is part of the Munjal Family’s Hero Group, which has evolved from being the world’s largest bicycle maker to the world’s largest producer of motorbikes through Hero MotoCorp, its flagship company. Catalyst Capital has invested more than €7bn in nine countries, with €2bn under management. It is developing the 224-room serviced apartments for Staycity at Manchester’s Mason Street (pictured).
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