Berggruen Hotels, a hospitality chain funded by an US-based private equity firm, today said it would infuse over Rs 575 crore in the next four years to expand its footprint in India with special focus on single lady travellers, a top official said.
Of this Rs 575 crore, Rs 275 crore will be pumped through equity and Rs 300 crore through debt in the period of next three to four years, he said.
"We have deployed Rs 225 crore of equity and Rs 165 crore through debt in India so far and shall infuse another Rs 275 crore of equity and Rs 300 crore of debt to have 20 company- owned hotels and another 20 managed ones by 2015," Berggruen Hotels MD & CEO Sanjay Sethi told reporters here.
Sethi was here to sign a management contract with the Cama Hotels, which shall be 10th Keys Hotels -- a mid market brand of Berggruen Hotels.
"By joining hands with Keys Hotels, we would be having a national and international presence," Cama Hotels Chairman and Managing Director Jehangir Cama said.
The hotel shall now be known as Keys Cama Hotel.
"Currently, we have 12 assets under management, out of which five are company-owned operating hotels in cities like Pune, Kochi, Trivandrum, Ludhiana and Bangalore and seven properties are under various stages of development," he said.
"In addition to this, we shall be acquiring another eight sites in India for our new projects taking the tally to 20 company-owned hotels, and also add to that another 20 managed hotels, taking the total room count to 4,200-4,500 by 2015-16," he said.
