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GTI Capital trims stake in weak-return Samhi Hotels

Source: vccircle.com

TL;DR

GTI Capital Partners slashed nearly a third of its stake in Samhi Hotels, a consumer-focused legacy investment from 2011.
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%.
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)

The story at a glance

GTI 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)

Key points

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)
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)
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)
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)
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)

Details and context

Samhi 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)

VCCircle'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)

No 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)

Key quotes

None reliably sourced from the paywalled article or matching coverage.

Why it matters

Legacy exits like this show India PE firms cleaning up old portfolios amid pressure for better distributions to LPs.

For investors, it flags modest realizations in hospitality—GTI got ~1.5x on sold shares but likely subpar overall after 13 years.

Watch 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)