warburg-pincus-buys-indian-hotel-chain

Warburg Pincus buys Indian hotel chain

Private equity firm looks to tap into India's fast growing hospitality sector.

By Sameera Anand

August 01, 2006

Warburg Pincus's latest India transaction will see the private equity firm invest Rs2.8 billion $60.9 million in the hospitality sector. Warburg Pincus will invest Rs2.1 billion in Lemon Tree Hotels and Rs700 million in Red Fox Hotels a new company promoted by the Lemon Tree chairman and managing director.

Lemon Tree Hotels operates in the full service, moderate price category. Its rooms are priced in the Rs3000-5000night range and are targeted to price sensitive business and leisure travellers. Since it was promoted in 2002 it has opened two hotels in DelhiÆs fast growing suburb and IndiaÆs business process outsourcing BPO hub, Gurgaon. Lemon Tree was one of the first hotels to open in Gurgaon...

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