Global hospitality consulting firm HVS is kick-starting its second innings in the Indian hospitality market after making an exit last year following a successful 20-year run.
The American company has partnered Anuj Puri's real estate services firm Anarock Property Consultants for re-establishing its presence here. The India business will be conducted under the banner HVS Anarock.
DNA Money had first reported about re-entry plans chalked out by HVS in its edition dated April 24, 2018.
Stephen Rushmore Jr, president and chief executive officer of the New York-headquartered HVS, in a statement, confirmed the partnership with Anarock, calling it a strong professional and cultural fit. “Together, we foresee rapid expansion in the region and will be able to tap into more resources to serve our clients better than ever,” he said.
India has always been an exciting market, added Rushmore Jr, and HVS is targeting a concentric outward growth into the hottest South Asian markets from here. “HVS India has had more than two decades of exposure in the country and we anticipate the partnership will leverage Anarock's proprietary real estate funding platform to increase HVS India’s revenues by up to 75% over the next two years,” he said.
As for Anarock, the real estate advisory has been expanding its coverage and hospitality sector is a natural extension. With tourism in India growing over 15% annually, according to Puri, this association with HVS coincides with some of the most exciting times for the Indian hospitality market pegged at $210 billion.
Chairman of Anarock Property Consultants, Puri will take on the added role of chairman - hospitality at HVS Anarock. The new firm will soon appoint a chief executive officer who will report to Puri.
“We are in the process of rapid expansion in terms of both geographies and business verticals, and the launch of HVS Anarock dovetails perfectly with these plans. We have aligned synergies with HVS to tap into this (hospitality) market in India and beyond,” said Puri in the statement.
Shobhit Agarwal, managing director and chief executive officer, Anarock Capital, will head the transactions vertical at HVS Anarock. Interestingly, Agarwal has already concluded hospitality-specific capital markets deals worth over $2 billion in his previous assignments across key markets.
“There is a huge number of funding, divestment and acquisition deals to be tapped into, and HVS Anarock already has excellent relationships with India's leading hospitality operators. Over the past four years, India has seen some four-five major hospitality-related deals annually, with leading private equity players being active participants on the funding side,” he said.
HVS had first launched India operations in 1997, through a joint venture partnership with Manav Thadani, who went on to head the consulting business for two decades. However, in December last year, Thadani chose to walk out of the JV and launched his own company under the banner Hotelivate. The entire team of HVS India also moved with Thadani to join the new venture.
TIME TO CHECK-IN
- Chairman of Anarock Property Consultants, Puri will take on the added role of chairman - hospitality at HVS Anarock
- The new firm will soon appoint a chief executive officer who will report to Puri
- Shobhit Agarwal, managing director and chief executive officer, Anarock Capital, will head the transactions vertical at HVS Anarock
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 "Hospitality market")
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