Prism-Backed Asset Arm Acquires 8 Hotels in Upmarket Push
Photo Credit: Prism CEO Ritesh Agarwal at the Skift India Forum in Delhi. Skift
Skift Take
Sunday PropTech expansion shows Prism’s effort to shed its budget-hotel image ahead of an IPO and present a more predictable business to investors.
Sunday PropTech, also known as Oyo Assets and backed by Prism, the parent company of Oyo, has acquired eight premium hotels, according to people familiar with the transaction. The combined value of the assets is estimated at around INR 8 billion ($88.5 million).
The company has not disclosed the purchase price. Prism declined to comment when contacted.
The asset arm of Prism will operate the newly-acquired hotels under Prism’s brands, including Sunday Hotels, Belvilla, and Palette. Sunday PropTech has funded the transaction through a mix of debt and equity, people aware of the matter said.
The acquisition comes as Prism moves closer to public markets. On December 31, the company filed draft papers with India’s market regulator as part of its preparations for an initial public offering. The proposed IPO is expected to raise up to INR 66 billion (nearly $750 million) and could value the company at around $7–8 billion, sources close to the matter h
