RSS FeedPE-Backed Sarovar Hotels Plans To Raise $45 Million For Expansion
Mon, 02/27/2006 - 15:58 — Sahad P V
When Indian hotel industry is supply-constrained, any amount of private equity fund flowing to the industry will not be enough. Hotel management company Sarovar Hotels had raised $8.5 million in December last year from Bessemer Venture Partners and New Vernon Bharat. The hotel group, which plans to open 50 Hometel budget business hotels across India over the next five years, is planning to raise another Rs 200 crore ($45 million), says an Economic Times report.
On Saturday, Sarovar opened its first budget business hotel - Radha Hometel - in Whitefield, Bangalore. The Bangalore property is owned by Chennai-based Fairmont Hotel, and offers 102 rooms. Each hotel requires an investment of about Rs 10-11 crore, excluding the land cost. (Via TMCNet.com)
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