No financial details of the deal were available, but sources say Credit Suisse will pay between $50 million and $55 million for a 15% stake in Park Hotels. This places the equity value of the investee company, which is closely held by the Apeejay Surrendra Group, at around $350 million.
Sources familiar with the deal say the auction run by advisor ICICI Securities on behalf of the vendor attracted interest from around eight leading real estate investors. An ICICI Securities spokesperson confirmed the deal but not the numbers.
The investment will be by way of issuance...
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