In a significant development, seasoned hospitality professional Rahul Pandit has been appointed to lead the hotel business of real estate developer DB Realty. The company’s board, in its meeting held in February, made an in-principle decision to demerge the hospitality business with the aim of unlocking value for stakeholders, as disclosed in a recent statement to SEBI.
Initially appointed as the President and Executive Director effective March 1, 2024, Pandit will eventually assume the role of Managing Director and CEO of the hospitality division, pending approvals related to the demerger decision. With over three decades of experience spanning start-ups, organizational development, operations, and turnarounds, Pandit brings a wealth of expertise garnered from roles across India, USA, and Singapore.
Prior to joining DB Realty, Pandit served as the Chief Executive of Blackstone’s India logistics platform, Horizon Industrial Parks, and held leadership positions at Hamstede Living, Lemon Tree Hotels, and TATA Group’s Ginger Hotels. He also serves as an independent director on the Board of Le Travenues Technology Ltd., an online travel agency.
Once the demerger process is finalized, DB Realty plans to list the hotel division on both the BSE and NSE. This strategic move aims not only to unlock the value of the real estate and hospitality business for shareholders but also to pursue a differentiated strategy to capitalize on the vast potential of the Indian hospitality sector.
Shahid Balwa, Vice Chairman and MD of DB Realty, expressed confidence in Pandit’s ability to lead and grow a dominant, trusted, and high-quality hospitality platform, delivering superior shareholder returns. Balwa highlighted Pandit’s track record of spearheading delivery initiatives that added 10,000 rooms across India during his tenure with different groups.
DB Realty’s hospitality business encompasses hotel assets including Goan Hotels & Realty Private Limited, BD and P Hotels (India) Private Limited, and Bamboo Hotel And Global Centre (Delhi) Private Limited. With Pandit at the helm, DB Realty is poised to embark on a new chapter of growth and excellence in the hospitality sector.
