Business Daily from THE HINDU group of publications
Tuesday, Jul 10, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 10, 2007 ePaper |
|
|
|
|
|
|
|
Corporate
-
Diversification DivyaSree plans hotels, serviced apartments
Somasroy Chakraborty Kolkata, July 9 The Bangalore-based DivyaSree Developers plans to invest over Rs 900 crore to set up hotels and serviced apartments in Bangalore and Hyderabad over the next three years, according to Mr Santosh Martin, Chief Executive Officer, DivyaSree Developers. The proposed hotels will have a total of 800 rooms, while the serviced apartments will have about 250 keys. “Our first hospitality venture will be in Hyderabad where we plan to develop a business hotel and serviced apartments in the next three years. In Bangalore, we plan to develop a business and a luxury hotel,” Mr Martin told Bu siness Line over the phone. In February 2007, TPG-Axon Capital, a global investment firm managing over $7 billion in capital, picked up a minority stake in the company for $100 million. According to Mr Martin, a part of that investment will be used to fund DivyaSree’s proposed hospitality ventures. The company is now in talks with global hotel chains from Europe and the US for management of the hotels and expects to seal a deal by September. “We would be looking at international operators and by September this year we expect to finalise a deal. We will then work with the operator to plan the design of the hotel,” Mr Martin said. DivyaSree, which is primarily into commercial real estate and is now considering a diversification of its business, currently has a land bank of about 450 acres.
More Stories on : Diversification | Hotels | Real Estate & Construction
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|