The over one year-old property was bought by Caspia Hotels, a fully-owned subsidiary of SAMHI Hotels and will be re-branded with an international upscale brand shortly.

Property consultant Jones Lang LaSalle (JLL) assisted the firms for concluding the deal of the property, which was owned and operated by Shree Siddhi Group, a local real estate development company located in Ahmedabad.

"The hospitality mergers and acquisition space has seen more deals taking place in the current year than in any single year over the last 6-7 years.

"This augurs well for the industry that has witnessed a severe slow-down, and confirms renewed investor interest in hospitality-related investments," JLL Managing Director India (hotels and hospitality) Mandeep Lamba said in a statement.

JLL Managing Director (Capital Markets) Shobhit Agarwal said, "The market for hospitality investments is showing reasonable appetite for growth, given the current year's performance."

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