The offer comprises a $193 million fresh issue of shares and an offer for sale of up to $114 million by promoters Prestige Estates Projects, Economic Times reported.

Prestige Hospitality Ventures, led by CEO Suresh Singaravelu, plans to use $128 million from the fresh issue to repay $45.34 million in debt incurred by itself and its subsidiaries, Sai Chakra Hotels and Northland Holding Co., while reinvesting $83 million into these subsidiaries.

Additional funds will support growth through acquisitions, strategic initiatives and general corporate purposes, the Times said.

As of December 2024, its portfolio included seven hotels with 1,445 keys—1,255 operating and 190 under renovation. It also has three ongoing projects with 951 keys and nine planned projects adding 1,558 rooms, making it the largest hotel chain in South India. The portfolio spans Bengaluru, Delhi-NCR, Mumbai, Goa, Hyderabad and Chennai, covering convention centers, business hotels, extended stay residences and golf resorts.

The company operates hotels under several Marriott International brands—St. Regis, Edition, W Hotels, JW Marriott, Marriott Marquis, Sheraton, Autograph Collection, Tribute Portfolio, Moxy, Aloft and Marriott Executive Apartments—as well as Conrad by Hilton and Angsana Resorts & Spa by Banyan Tree.

Marriott-managed keys account for nine percent of the group’s portfolio, the largest share under any brand. Meanwhile, revenue from hospitality services rose to $91 million, or around Rs 796 crore, in the previous fiscal year, up from $73 million, Rs 636 crore, in fiscal 2023.

Prestige is adding 2,509 rooms through ongoing and upcoming projects, including three ongoing projects with 951 keys and nine planned projects with 1,558 keys across seven Indian cities.