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IntelliStay Hotels, that owns and operates the Mango Suites, is looking to raise funds through private equity (PE) route by early FY-12, a top company official said.
The Mumbai based company, incorporated in 2007 as a start-up, currently operates 350-keys across 5 Mango suites and plans to scale it up to 200 hotels over the next 3 years with at least 10,000 keys.
“We are looking for a PE investor and are in talks with a few. We hope to raise the funds by early next fiscal (FY 12). The funds would be used in acquiring new properties and expanding the network,” IntelliStay’s Founder and Managing Director, Mr Prashanth Rao Aroor, said here.
The company will have 30 hotels by the end of this calendar year, Mr Aroor said adding that 12 property deals have been signed.
“There is a need for affordable business class hotels that provides a comfort of a five star and at the same time has a below Rs 4,000 per night tariff. Most of the properties would be coming up in tier II and III cities with firms in sectors such as pharma, fertiliser, paper, retail, telecom and FMCG,” Mr Aroor said.
Cities such as Thane, Nanded, Nashik and Pune are the next destinations, Mr Aroor added.
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