Oyo Hotels & Homes is in advanced negotiations for a US$200 million deal to purchase the student accommodation properties of Lovely Professional University, The Economic Times of India reported, citing three sources familiar with the development.
Details of the transaction are still being finalized and may be structured as a multi-decade, long-term lease, one of the sources told the publication.
Lovely Professional's promoters, the Mittal family, are divesting the properties to generate liquidity and fund future expansion, another source noted.
Aside from the SoftBank Group Corp.-backed hospitality unicorn, the portfolio, which includes an indoor stadium and gymnasiums, also piqued the interest of other bidders including HDFC Asset Management Co. Ltd., Good Host Spaces Pvt. Ltd. and Blackstone Group Inc., the Sept. 4 report added.
