Indian hotels to restaurants operator Mars Enterprises and Hospitality Ltd. is selling a prime real estate asset at Sahar Road in Andheri East, Mumbai for 750 crore rupees ($109 million).
Mars Enterprises will sell the asset, which is spread across 9.67 acres and includes a 100-room premium hotel, to Toronto-based Brookfield Asset Management.
Additionally, the real estate asset includes a five-star boutique hotel, Waterstones Hotel, and a club occupying half of the 9.67 acres, while the rest is an undeveloped land parcel.
Brookfield Asset Management has signed a memorandum of understanding with Mars Enterprises to buy the entire land parcel comprising the hotel as well as the vacant land.