Mumbai-based Shree Naman Group has successfully secured bids for two premium hotel properties owned by Advantage Raheja Group following a comprehensive insolvency resolution process. According to reports from Mint, the group won the bids for a JW Marriott hotel in Bengaluru and a Crowne Plaza hotel in Pune, with an enterprise value of around ₹1,800 crore. The real estate developer, which currently owns the luxury Sofitel Mumbai BKC and midscale Ibis Mumbai BKC hotels, was selected as the successful bidder after a six-month bidding process under the insolvency resolution mechanism.
As reported by Mint, Shree Naman Group has submitted performance guarantees of ₹160 crore and ₹20 crore respectively in the form of bank guarantees for the two properties. The acquisition structure allocates approximately ₹1,611 crore to the JW Marriott hotel and the remainder for the Crowne Plaza hotel. Despite the resolution plan allowing the successful bidder to hold just 51% of the equity, the group intends to retain full ownership of both hotels, according to sources familiar with the deal.
According to Mint reports, the insolvency proceedings began when creditors took both companies to the insolvency court for defaulting on debt payments. The National Company Law Tribunal admitted both cases in July 2025. The resolution process attracted 45 expressions of interest (EoIs) in October 2025 and eventually drew 11-12 resolution plans. The JW Marriott Hotel Bengaluru was admitted to the corporate insolvency resolution process in July 2025 after Omkara Asset Reconstruction Co. Ltd filed a petition over a ₹665.74 crore default, with the debt originally extended by Piramal Capital and Housing Finance Ltd.
As reported by Mint, the former promoters of the hotels have challenged the insolvency proceedings, with the JW Marriott case pending before the Supreme Court and the Crowne Plaza case awaiting an order at the National Company Law Tribunal (NCLT). The resolution plan is now subject to court proceedings, with the transaction expected to take one month to several months to conclude. The JW Marriott property, located on Vittal Mallya Road, is currently being run by resolution professionals and is operationally profitable, according to sources familiar with the asset.
According to Mint reports, the acquisitions will significantly expand Shree Naman Group's hospitality portfolio, adding two operating hotels in key business markets once necessary clearances are obtained. The group currently owns the Sofitel Mumbai BKC, a Lemon Tree Hotel at Kalina BKC, and an upcoming hotel in Goa. Additionally, the company has multiple residential projects in Mumbai, including Naman Residency in BKC, Naman Habitat in Andheri, and Naman Xana in Worli. The strategy aligns with other listed hotel owners such as Chalet Hotels and Juniper Hotels, which have built portfolios around operating hospitality assets in major Indian markets.
