Main Photo: The new Staycity in Manchester – imagined, opening end 2019
Date: June 2019
Location: UK & Ireland
Name: Hero Catalyst Hospitality Ventures
No. of Keys: 1,000 right now and growing
Partners: Hero Enterprise of India which represents the business interests of its founder, Mr. Sunil Kant Munjal and his family, has formed a £500 million joint venture with Catalyst Capital, the European real estate investment and asset management firm.
The joint venture, Hero Catalyst Hospitality Ventures, will invest in and develop hotels, serviced apartments and hospitality-led projects, initially in the UK and Ireland. The JV 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 Simpson Haugh.
Rob Skelston, Head of Development for Hero Catalyst Hospitality Ventures, 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. In the previous decade, we built and managed HEROtsc, a large contact centre business in the UK; we enjoyed our experience and since then, Hero has been looking at interesting opportunities in Europe. This venture provides an ideal platform to establish a world-class hospitality development business in the region. In India, Hero is a trusted, household name known for its ability to grow businesses and sustain relationships. We have a successful track record of building exemplary and scaled businesses including some in complex and challenging environments. As long-term partners, we aim to bring stability and growth to this hospitality venture while creating value for all stakeholders.”
THPT Comment: Interesting selection of partners – Hero, formerly their main interest was cars and motor-cycles (hero Honda) and Catalyst Capital, a real-estate investment company.
First Seen: Catalyst Capital website
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.