Canada Pension Plan Investment Board (CPP Investments) is set to invest ₹3,000 crore in Prestige Hospitality Ventures Limited (PHVL), the hospitality platform of Prestige Estates. This marks CPP Investments’ first direct investment in India’s hospitality sector, through which it will acquire an approximately 27% stake in PHVL. Trilegal advised CPP Investments and Cyril Amarchand Mangaldas advised Prestige Estates Projects Limited and Prestige Hospitality Ventures on the transaction.
Introduction
Canada Pension Plan Investment Board, through CPP Investment Board Private Holdings (4) Inc., will invest up to ₹3,000 crore in Prestige Hospitality Ventures Ltd (PHVL) and acquire an aggregate stake of approximately 27%, according to a regulatory filing by Prestige Estates Projects. The investment will take place across three tranches and will combine a primary capital infusion into PHVL with a secondary purchase of shares from Prestige Estates Projects, providing both fresh capital to PHVL and proceeds to its parent company.
Under the first tranche, Prestige Estates will receive ₹950 crore by selling equity shares in PHVL to CPP Investments, while PHVL will raise another ₹550 crore by issuing Series A compulsorily convertible preference shares to CPP Investments. PHVL will raise ₹750 crore each through the issuance of Series B and Series C compulsorily convertible preference shares under the second and third tranches, respectively.
Deal Value
CPP Investments announced an INR 30 billion (C$441 million) investment in Prestige Hospitality Ventures Limited. Overall, Prestige Estates will receive ₹950 crore through the secondary share sale, while PHVL will secure ₹2,050 crore in fresh capital through the primary investment.
Legal Teams Involved
Trilegal — Advised CPP Investments
Trilegal advised the Canada Pension Plan Investment Board on this transaction, covering corporate, operational and real estate due diligence, CCI filing, and drafting and negotiation of the transaction documents.
Transaction Lead:
- Sai Krishna Bharathan (Partner)
- Raina Mitra (Senior Associate)
- Archi Jain (Associate)
- Annika Bohra (Associate)
Real Estate Diligence Team:
- Monika Bhonsale (Partner)
- Mridul Kumbalath (Partner)
- Sadaf Shaikh (Partner)
- Arnav Nagalia (Partner)
- Dilnaz Bapasola (Counsel)
- Sohni Kherada (Counsel)
- Mohammed Sayed (Counsel)
- Yunus Nawab (Senior Consultant)
- Ganesh Memane (Consultant)
- Mythri Jonnal (Senior Associate)
- Roshini Bansal (Senior Associate)
- Siddhartha Fondekar (Associate)
- Shashank D Bharadwaj (Associate)
- Rajat Deepak Kalal (Associate)
- Suhaschandra BS (Associate)
- Aakanksha Dalal (Associate)
- Akanksha Shah (Associate)
- Parth (Associate)
Corporate Team:
- Apeksha Mattoo (Partner)
- Namesha Singh (Counsel)
- Maitreya Sharma (Senior Associate)
- Raina Mitra (Senior Associate)
- Vrinda Bhola (Associate)
- Vaishnavi Bansal (Associate)
- Sanchit Thapliyal (Associate)
- Rohan Singhal (Associate)
- Rehaan Engineer (Associate)
- Harsh Bhatti (Associate)
- Anjali AR (Associate)
- Arshan Kazi (Associate)
- Archi Jain (Associate)
- Annika Bohra (Associate)
Operational Team:
- Apeksha Mattoo (Partner)
- Kunal Gupta (Partner)
- Thomas J. Vallianeth (Partner)
- Shrishma Dandekar (Counsel)
- Chandan Dhand (Senior Consultant)
- Shashwat Shrivastava (Consultant)
- Vaishnavi (Consultant)
- Pranvi Manglick (Consultant)
- Anshul Sharma (Senior Associate)
- Sidharth Ray (Senior Associate)
- Maitreya Sharma (Senior Associate)
- Raina Mitra (Senior Associate)
- Akshobhya Nitin Pol (Associate)
- Anjali AR (Associate)
- Annika Bohra (Associate)
- Archi Jain (Associate)
Competition Team:
- Gauri Chhabra (Partner)
- Eesha Sheth (Senior Associate)
- Shobhit Shukla (Associate)
SEBI Regulatory Team:
- Pranav Atit (Partner)
- Janeesha Singh (Senior Associate)
- Tanvi Godiwala (Associate)
- Ashlesha Pandey (Associate)
Cyril Amarchand Mangaldas — Advised Prestige Estates Projects Limited and Prestige Hospitality Ventures
Transaction Team:
- Reeba Chacko (Senior Partner)
- KZ Kuriyan (Partner)
- Akash Jose (Senior Associate)
- Mayank Jain (Senior Associate)
- Isiri SD (Senior Associate)
- Anusha Nookala (Associate)
Competition Team:
- Avaantika Kakkar (Partner, Head – Competition)
- Dhruv Rajain (Partner)
- Rajat Sharma (Principal Associate)
- Vanya Agarwal (Senior Associate)
Hotel Operator and Lender Arrangements:
- Aditi Aggarwal (Consultant)
- Aayush Sinha (Senior Associate – Designate)
Capital Markets Team:
- Janhavi Manohar (Partner)
- Surya Rajkumar (Senior Associate)
- Vishesh Jain (Senior Associate)
- Parameswaran Chidamparam (Associate)
- Monusha Nambiar (Associate)
- Mohnish Khandale (Associate)
Significance and Impact
The investment marks CPP Investments’ first direct investment in India’s hospitality sector. Prestige Hospitality owns a portfolio of luxury and premium hotels in major Indian cities and has a development pipeline spanning Bengaluru, Chennai, Delhi, Goa, Hyderabad, and Mumbai.
The investment comes on the heels of Prestige Hospitality Ventures’ withdrawal of its ₹2,700 crore IPO in September 2026 amid market conditions, which it had filed in April 2025. Following completion of the transaction, CPP Investments will receive certain governance and affirmative voting rights in PHVL, along with exit options through either an initial public offering of PHVL or a put option against Prestige Estates and PHVL after five years from the transaction.
The transaction is notable for the breadth and depth of legal advisory deployed across both sides, spanning corporate M&A, real estate, competition, SEBI regulatory, and capital markets workstreams. For a tracker of major deals and the law firms advising on them, see the Deal Meter.
CPP Investments’ INR 30 billion (C$441 million) investment in Prestige Hospitality Ventures Limited will result in CPP Investments acquiring approximately 27% stake in PHVL, with the majority of the capital supporting the platform’s continued expansion. The deal engaged two of India’s leading full-service law firms — Trilegal and Cyril Amarchand Mangaldas — across a combined roster of over 60 legal professionals. Further details on closing timelines were not disclosed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
