Shree Naman Group completed the purchase of JW Marriott Bengaluru for ₹1,611 crore and Crowne Plaza Pune for ₹189 crore on 1 October 2026. The combined deal is worth ₹1,800 crore. The National Company Law Tribunal approved the plans on 3 September 2026, and the group closed within 30 days. The two hotels join Sofitel Mumbai BKC, Lemon Tree Hotel Kalina BKC and ibis Mumbai BKC. The operating portfolio now has five hotels and about 1,000 rooms across Mumbai, Bengaluru and Pune.
The assets came through insolvency resolution of Gstaad Hotels and Neo Capricorn Plaza. The combined resolution value exceeded admitted liabilities of about ₹1,227 crore. On 15 October 2026 the Supreme Court upheld the insolvency process and dismissed appeals, clearing legal doubt after the close. Shree Naman aims for at least 2,500 rooms in five years. Its development pipeline holds about 650 to 700 rooms across Goa, a resort near Pavana Lake and an expansion of Sofitel Mumbai BKC.
Our view is that Shree Naman has bought two well-located city hotels at a price that still cleared creditors in full, which is rare in hotel insolvency. Brand managers at Marriott and IHG keep the flags, while the owner gains scale outside Mumbai. Coverage has said little about the capex the new owner may spend on rooms and banquet space. Resolution buyers in India often renovate within the first two years to lift rates. We expect Shree Naman to announce a renovation plan for at least one of the two hotels within 12 months, and to bid for another operating hotel within 18 months. Confidence: medium.
This is important for our readers because ownership of two large city hotels has changed hands in one deal. If you book JW Marriott Bengaluru or Crowne Plaza Pune for groups, ask the sales teams whether owner-led renovations will close rooms. If you supply hotels in Bengaluru or Pune, contact Shree Naman about the new assets. If you track insolvency hotel sales, note the ₹1,800 crore value against ₹1,227 crore of admitted claims.
Sources:
ETHospitalityWorld, 26 Oct 2026
ETRealty, 26 Oct 2026
Economic Times, 21 Oct 2026
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