In June 2019 Hero Enterprise of India formed a £1 billion joint venture with Catalyst Capital.
The joint venture, Hero Catalyst Hospitality Ventures, will invest in and develop hotels, serviced apartments, hospitality-led and other long income-based projects, initially in the UK and Ireland operating from Catalyst's London and Manchester offices, and, in due course, in Europe.
The joint venture 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 and long income potential.
Hero Catalyst Hospitality Ventures' team comes with significant commercial development expertise and a long track record of developing hotels for some of the most recognised UK and European brands including,
Rob Skelston, CEO of Hero Catalyst, 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 Hero 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 cross sector development and investment management”.
Sunil Kant Munjal, Chairman of Hero Enterprise said: "This venture provides an ideal platform to establish a world-class hospitality and 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”.
Sorry for the delay but should be up and running by the end of 2019