IntelliStay Hotels announces equity investment from Prama Hotels

IHPL LogoIntellistay Hotels has announced a fresh round of equity infusion from promoter group Prama Hotels (PRAMA). IntelliStay operates full-service hotels under three Brands: Mango Hotels, i-Stay Hotels and Apodis Collection. IntelliStay last raised an equity round in tranches from Apodis Hotels and Resorts (Apodis) which now hold a significant majority stake in IntelliStay Hotels. PRAMA is the promoting company of Apodis. Since 2012, IntelliStay Hotels has signed and opened 23 hotels till March 2019. Another 30 hotels are in the signed and project stage with a target of over 2500 keys operational by March 2020. This puts IntelliStay on the list of top 10 hotel companies in India by number of keys under management. PRAMA recently completed a strategic round of investment from TripBorn, Inc., an emerging Indian last mile Commerce and Connectivity platform. As part of the deal, PRAMA will use the infusion to drive the businesses of IntelliStay and the other group company, Apodis Foods & Brands Ltd. (AFBL), which provides Food & Beverage services to several popular economy hotel chains across India. The transaction is expected to add immediate scale to the businesses within India’s growing hospitality segment. PRAMA generated approximately USD 8.5 million in revenues from its operating entities for the year ended March 31, 2019 and generated positive cash flow from operations.