Prestige to buy 50% stake in Advent hotels arm for ₹504 crore

Prestige Estates will acquire a 50% stake in Advent Convention and Hotels International for ₹504 crore, forming a 50:50 joint venture to develop a land parcel in Andheri East, Mumbai. The project will have a total leasable area of 1.50 million sq ft and a gross development value of ₹4,500 crore, the company said.