Bangalore/New Delhi: Blackstone has offered around Rs 230-240 crore to buy out southern realty major Prestige Group’s serviced apartment business managed by the international luxury hospitality brand Oakwood.
The private equity giant’s proposal, which is still in the early stages, falls below Prestige’s asking valuation of Rs 300 crore, at least two people close to the development said. However, Blackstone appears to have emerged as the top bidder for the 177 key serviced apartment asset located at UB City in Bangalore’s CBD. When contacted, a senior Blackstone official said the firm will not comment on specific deals.
Oakwood Premier Prestige, a full-service five star one-to-three bedroom property, became operational in the last quarter of 2008. Oakwood has three properties in India.