UK: Catalyst Capital has formed a £500 million joint venture with Hero Enterprise of India to develop a range of hospitality assets, including serviced apartments.
Hero Catalyst Hospitality Ventures will invest in and develop hotels, serviced apartments and hospitality-led projects, initially in the UK and Ireland. The JV said that it is aiming to develop multiple projects with a significant equity commitment to acquire land and buildings. It will also look to invest alongside other landowners, owners or developers holding opportunities with hospitality potential.
The team is already delivering more than 1,000 hotel and serviced apartment rooms in Manchester and Edinburgh. This includes the 224-key StayCity in Mason Street, Manchester, being delivered by Bardsley to designs by SimpsonHaugh.
Hero Enterprise of India represents the business interests of its founder Sunil Kant Munjal, and has grown out of the automotive giant Hero Motorcorp, formerly Hero Honda, the country’s largest producer of motorcycles and scooters.
Catalyst development director Rob Skelston has been named head of development for Hero Catalyst Hospitality Ventures. He 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: “We are delighted to return to the United Kingdom through this joint venture with Catalyst Capital. This venture provides an ideal platform to establish a world-class hospitality development business in the region.”</p
