Hospitality investment firm Samhi Hotels Pvt. Ltd. has announced that it has acquired 60 per cent stake in Barque Hotels Pvt. Ltd. - the owner of all the fifteen Formule 1 hotels in India.

Samhi acquired ownership in Barque Hotels through the acquisition of a stake from France-based hospitality major Accor.

Speaking about the need of the newest acquisition, Samhi Managing Director & Chief Executive, said, "An entry-level international hotel brand was missing in our portfolio of brands."

Ashish Jakhanwala, co-founder & chief executive of Samhi, said that they would invest $40 to $50 million to complete current projects and for new projects in coming years. With the latest acquisition, Samhi has so far acquired twenty-one hotel projects, some of which are operational while others are under development.

Formule 1 hotels will compete with the likes of Ginger brand of luxury hotels, with average room rates in the range of Rs. 1,800 to 2,200 per night. The hotel projects are spread across nine cities, Bangalore, Gurgaon, Hyderabad and Pune, with a total inventory of around 3,500 rooms.

After offloading 60 per cent stake, Accor will retain the remaining 40 per cent stake in the hotel projects, and will keep on operating them under long-term operating contracts.