Prestige Estates to Buy 50% of Advent Hotels for ₹504 Crore
NEW DELHI: Prestige Estates Projects has entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International, as disclosed in a regulatory filing. The acquisition will be completed through a cash payment, with the company and/or its wholly-owned subsidiary planning to invest up to ₹504 crore. The deal is expected to finalize within 45 days from the agreement date. The goal of this acquisition is to develop a commercial project on a 21,978.22 sq meters plot located in Sahar village, Andheri East, Mumbai. The upcoming project will offer a total leasable area of approximately 1.50…