Prestige Estates buys 50% of Advent Hotels for ₹504 crore to develop Andheri East project
Prestige Estates acquired a 50% stake in Advent Convention and Hotels for ₹504 crore to co-develop a 1.5 million sq ft leasable commercial project in Andheri East, Mumbai, with shopping mall and hospitality potential and a ₹4,500 crore GDV.
What happened
Prestige Estates acquired a 50% stake in Advent Convention and Hotels for ₹504 crore to co-develop a commercial project (including shopping mall/hospitality
Key facts
- ₹504 crore stake
- 50% stake
- 21,978.22 sq m land
- 1.50 million sq ft leasable area
- ₹4,500 crore GDV
- net profit ₹1,195.5 crore
- total income ₹13,195.5 crore
Why this matters
The 50% stake in Advent Convention and Hotels signals Prestige's preference for JV-based land entry in prime Mumbai micro-markets—a template for co-development deals to benchmark against.
What to watch
- Andheri East commercial vacancy and rental trend data
- Prestige balance-sheet leverage post-acquisition
- Competing mixed-use launches in western Mumbai suburbs
- Hospitality operator partnership announcement
- Any regulatory or title issues on Advent Hotels land
- Watch for master-plan filing and RERA registration for the 1.5 msf project
- Track anchor retail/hospitality tenant LOIs or brand tie-ups
- Monitor Prestige debt/equity funding structure for the ₹4,500cr GDV
- Look for phased launch timeline disclosure in quarterly updates