SAMHI Skyline Pvt Ltd has entered into a long-term lease/sub-lease agreement with INGKA Centres India Pvt Ltd for the development of a 162-room upscale hotel in Noida, as part of a larger mixed-use project.
According to the terms of the agreement, the proposed hotel will form part of an integrated development comprising commercial, hospitality and office spaces, along with ancillary components. The project is to be developed by Ingka Centres within a specified timeline.
The agreement covers an estimated built-up area of 15,022 square metres for the hotel. Under the revenue-linked lease structure, SAMHI Skyline will pay rent as a percentage of the net revenue generated from hotel operations. In addition, the company will bear applicable ancillary service and utility charges as per the agreement.
Execution and branding plans
SAMHI Skyline will take possession of the property for execution of hotel fit-outs and branding after completion of Ingka Centres’ scope of work. The hotel will be operated under an international brand, which is yet to be finalised.
The transaction is subject to the fulfilment of certain conditions, including receipt of requisite building sanctions for construction. The formal lease deed will be executed upon meeting these conditions.
Strategic expansion
SAMHI Skyline is a wholly owned subsidiary of SAMHI Hotels Ltd, which focuses on owning and developing branded hotels across key Indian markets. INGKA Centres India is part of the Ingka Group, which operates three business lines — IKEA Retail, Ingka Centres and Ingka Investments — and is known for developing large-scale mixed-use destinations anchored by retail.
The partnership is expected to strengthen SAMHI’s presence in the National Capital Region and aligns with its strategy of expanding through asset-light and partnership-led models.