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Mumbai, Jan. 25

Berggruen Hotels, a venture backed by US investment firm Berggruen Holdings Inc, will invest $100 million to set up a chain of boutique budget hotels in India called Keys, it said on Monday.

The company plans to build 38 hotels spread evenly across tier 1, tier 2 and tier 3 cities over a five-year period. The area of the hotels will range from 100-room to 170-room in size. Berggruen Hotels is currently negotiating for 24 properties and the first hotel should open in 2008. Room rates will range from Rs 1,400 to Rs 2,200, depending on the location. Once Berggruen establishes its brand in India, it plans to take Keys global. The company was founded by a number of ex-Taj employees who are the key personnel responsible for its operations. Mr Nicholas Berggruen, Founder, Berggruen Holdings, said in a statement that India is "a priority market and central to Berggruen's global emerging markets strategy."

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