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IntelliStay Hotels that owns and operates the Mango Suites is looking to raise funds through the private equity 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 five Mango suites and plans to scale it up to 200 hotels over the next three years with at least 10,000 keys.
Expanding network
“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,” the IntelliStay's Founder and Managing Director, Mr Prashanth Rao Aroor, told PTI 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 provide the 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,” Mr Aroor said.
Cities such as Thane, Nanded, Nashik and Pune are the next destinations, Mr Aroor added.
IntelliStay was started with a capital of $15 million, which was raised from two HNI investment firm — Nextt Management and OM Dayal Group in Udupi in Karnataka.
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