{"url":"https://www.vccircle.com/gticapital-makes-exit-move-from-legacy-portfolio-firm-with-weak-returns","title":"GTI Capital trims stake in weak-return Samhi Hotels","domain":"vccircle.com","imageUrl":"https://images.pexels.com/photos/18328707/pexels-photo-18328707.jpeg?auto=compress&cs=tinysrgb&h=650&w=940","pexelsSearchTerm":"Indian hotel lobby","category":"World","language":"en","slug":"0ff97db9","id":"0ff97db9-b4b5-45fc-8f3b-1297df704476","description":"GTI Capital Partners slashed nearly a third of its stake in Samhi Hotels, a consumer-focused legacy investment from 2011.","summary":"## TL;DR\n- GTI Capital Partners slashed nearly a third of its stake in **Samhi Hotels**, a consumer-focused legacy investment from 2011.\n- Sold **4.7%** or 10.3 million shares for **Rs 193 crore** at Rs 187 per share on June 28, 2024, cutting holding to 1.5%.\n- Exit highlights weak returns after 13 years, as VCCircle reports poor performance in this long-held India bet.[[1]](https://www.vccircle.com/gticapital-makes-exit-move-from-legacy-portfolio-firm-with-weak-returns)[[2]](https://www.goodreturns.in/news/gti-capital-sells-stake-in-samhi-hotels-for-rs-193-crore-011-1354593.html)\n\n## The story at a glance\nGTI Capital Partners, an India-focused private equity firm co-led by Gaurav Dalmia and Madhav Dhar, sold a big chunk of its stake in **Samhi Hotels**, the hotel owner it backed since 2011 alongside Equity International.[[3]](https://medial.app/news/pe-firms-equity-international-gti-capital-sign-off-from-legacy-india-bet-with-poor-show-4059cae5facf9) This open-market block deal happened on June 28, 2024, right as the firm trimmed its exposure to a legacy portfolio company with weak returns.[[2]](https://www.goodreturns.in/news/gti-capital-sells-stake-in-samhi-hotels-for-rs-193-crore-011-1354593.html) Samhi Hotels runs midscale properties like Marriott and IHG brands and listed in 2023.[[4]](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/11072025/8f39dcd1-8999-43b3-a009-6998b59c8555.pdf)\n\n## Key points\n- GTI Capital Alpha sold **10,336,865 shares** (4.7% stake) via block deals on BSE at an average **Rs 187.1** per share, fetching **Rs 193.4 crore**.[[2]](https://www.goodreturns.in/news/gti-capital-sells-stake-in-samhi-hotels-for-rs-193-crore-011-1354593.html)\n- Post-sale, GTI's holding dropped from **6.24%** to **1.5%**; buyers included ICICI Prudential MF and Tata MF.[[5]](https://www.devdiscourse.com/article/headlines/2999599-gti-capital-group-divests-47-stake-in-samhi-hotels-tpg-offloads-20-lakh-solara-active-shares)\n- Samhi is a **consumer-focused** (hospitality) firm GTI first invested in around **2011**, calling it a \"legacy portfolio firm with weak returns\".[[1]](https://www.vccircle.com/gticapital-makes-exit-move-from-legacy-portfolio-firm-with-weak-returns)[[4]](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/11072025/8f39dcd1-8999-43b3-a009-6998b59c8555.pdf)\n- GTI's average acquisition cost was about **Rs 128** per share; sale at Rs 187 suggests modest multiple, but VCCircle frames overall returns as weak after 13 years.[[6]](https://www.bseindia.com/corporates/download/338990/IPO%20BasisOfAllotment/SAMHI%20Hotels%20Limited%20-%20Prospectus%20(Filing%20Version)_20230920124939.pdf)\n- Related: Equity International fully exited Samhi in April 2025; VCCircle called both firms' exits from this \"legacy India bet\" a poor show.[[7]](https://www.businesswire.com/news/home/20250429347399/en/Equity-International-Completes-Sale-of-Remaining-Investment-in-SAMHI-Hotels-Limited)\n\n## Details and context\nSamhi Hotels, founded in 2010, got early backing from GTI Capital and Equity International in 2011 to build a portfolio of upper-midscale hotels in key Indian cities like Bengaluru and Hyderabad. The firm grew through acquisitions and partnerships with brands like Marriott, Hyatt, and IHG, listing on BSE/NSE in September 2023 via a Rs 1,370 crore IPO.[[4]](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/11072025/8f39dcd1-8999-43b3-a009-6998b59c8555.pdf)\n\nVCCircle's angle stresses the exit's timing amid weak returns—GTI held through the IPO (selling a small OFS stake) but offloaded more in 2024 as the investment aged without strong multiples. Hospitality faced COVID hits, though Samhi recovered post-IPO; still, long-hold PE bets like this often yield below benchmarks in India.[[8]](https://www.vccircle.com/pefirms-equity-international-gti-capital-sign-off-from-legacy-india-bet-with-poor-show)\n\nNo exact IRR or total returns disclosed, but the \"weak returns\" label fits VCCircle's pattern for exits underperforming peers (e.g., similar \"poor show\" for Equity-GTI full exit).[[8]](https://www.vccircle.com/pefirms-equity-international-gti-capital-sign-off-from-legacy-india-bet-with-poor-show)\n\n## Key quotes\nNone reliably sourced from the paywalled article or matching coverage.\n\n## Why it matters\nLegacy exits like this show India PE firms cleaning up old portfolios amid pressure for better distributions to LPs.  \nFor investors, it flags modest realizations in hospitality—GTI got ~1.5x on sold shares but likely subpar overall after 13 years.  \nWatch Samhi's debt reduction and growth post-IPO, plus any final GTI/PE stake sales, though lock-ins ended without big dumps.[[2]](https://www.goodreturns.in/news/gti-capital-sells-stake-in-samhi-hotels-for-rs-193-crore-011-1354593.html)","hashtags":["#private","#equity","#india","#gti","#capital","#samhi"],"sources":[{"url":"https://www.vccircle.com/gticapital-makes-exit-move-from-legacy-portfolio-firm-with-weak-returns","title":"Original article"},{"url":"https://www.goodreturns.in/news/gti-capital-sells-stake-in-samhi-hotels-for-rs-193-crore-011-1354593.html","title":""},{"url":"https://medial.app/news/pe-firms-equity-international-gti-capital-sign-off-from-legacy-india-bet-with-poor-show-4059cae5facf9","title":""},{"url":"https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/11072025/8f39dcd1-8999-43b3-a009-6998b59c8555.pdf","title":""},{"url":"https://www.devdiscourse.com/article/headlines/2999599-gti-capital-group-divests-47-stake-in-samhi-hotels-tpg-offloads-20-lakh-solara-active-shares","title":""},{"url":"https://www.bseindia.com/corporates/download/338990/IPO%20BasisOfAllotment/SAMHI%20Hotels%20Limited%20-%20Prospectus%20(Filing%20Version","title":""},{"url":"https://www.businesswire.com/news/home/20250429347399/en/Equity-International-Completes-Sale-of-Remaining-Investment-in-SAMHI-Hotels-Limited","title":""},{"url":"https://www.vccircle.com/pefirms-equity-international-gti-capital-sign-off-from-legacy-india-bet-with-poor-show","title":""}],"viewCount":2,"publishedAt":"2026-04-08T08:29:02.258Z"}