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WARBURG TO INVEST US$60 MLN IN INDIA'S LEMON TREE GROUP.
NEW DELHI, Aug 1 Asia Pulse - US-based equity investment firm Warburg Pincus has picked up stake worth Rs 2.8 billion (US$60 million) in the hospitality chain Lemon Tree Group, which has embarked on a Rs 5 billion expansion to set up nine new hotels in the next two years.
"We will be setting up nine new hotels in major towns of the country in the next two years and would invest Rs 5 billion in the expansion," Lemon Tree Hotels chairman and managing director Patu Keswani said.
He said the expansion would be funded partly through equity investment from private partners.
"Already Warburg Pincus has acquired a 26.5 per cent stake in Lemon Tree for Rs 2.1 billion. We have also offloaded a similar stake to them in our planned economy hotel Red Fox Hotels for Rs 700 million," Keswani said.
The company currently owns and manages two ...
- Kotak invests Rs 34 cr in Lemon Tree, Red Fox hotels.
- News wire article from: Business Line August 30, 2006 700+ words
...the Lemon Tree network. Lemon Tree Hotels operates in the...and Managing Director, Lemon Tree Hotels said, "We welcome...believe that although Lemon Tree is a mid-market hotel...investing about Rs 2 crore in Red Fox Hotels, a new company...
- KOTAK INVESTS Rs34 CR IN LEMON TREE, RED FOX HOTELS (Warburg Pincus invests...
- Magazine article from: India Business Insight September 1, 2006 700+ words
...investment of Rs34 crore in Lemon Tree Hotels, a hotel chain...be used to expand the Lemon Tree chain of hotels. Kotak...of around Rs2 crore in Red Fox Hotels, which proposes...investment of Rs70 crore in Red Fox Hotels recently. Red...
- LEMON TREE HOTELS ENTERS LOW BUDGET SEGMENT (will invest Rs900 crore in...
- Magazine article from: India Business Insight July 31, 2006 700+ words
...Business Insight) Lemon Tree Hotels is expanding...with its new brand, Red Fox. It will invest...proposes to have Red Fox hotels in Hyderabad...each room in the Lemon Tree segment will be Rs45 lakh, while that of Red Fox will be Rs20 lakh...
- Warburg picks up 27% in Lemon Tree.
- Newspaper article from: Economic Times (New Delhi, India) August 1, 2006 700+ words
...economy hotels, under the Red Fox Hotel brand. According to Patu Keswani, CMD, Lemon Tree Hotels, plans are afoot to start off with three Red Fox Hotels at Mumbai, Hyderabad...said all projects under Lemon Tree and Red Fox brands will be owned...
- Lemon Tree plans Rs 500cr expansion,Warburg to invest Rs 280cr.
- News wire article from: PTI - The Press Trust of India Ltd. July 31, 2006 700+ words
...acquired a 26.5 per cent stake in Lemon Tree for Rs 210 crore. We have also offloaded...them in our planned economy hotel Red Fox Hotels for Rs 70 crore," Keswani...under the brand name Red Fox Hotels. Lemon Tree would launch two out of the proposed...
- LEMON TREE LOOKING TO EXPAND (with hotels coming up in Chennai, Goa, Pune and...
- Magazine article from: India Business Insight September 5, 2006 700+ words
(From India Business Insight) Lemon Tree Hotels is to come up with a hotel in Chennai by...Mahabalipuram Road for another hotel as well as for Red Fox, the budget hotel. Lemon Tree will also foray into Goa and Pune during 2006...
- LEMON TREE HOTEL IN CHENNAI BY 2007-END (the company is also planning to launch...
- Magazine article from: India Business Insight August 5, 2006 700+ words
...India Business Insight) Lemon Tree Hotels Ltd is setting...be ready by Dec 2007. Lemon Tree Hotels is also planning...up an economy hotel, Red Fox, near Chennai. Warburg...crore in the company. Lemon Tree Hotels is setting up seven...
- LEMON TREE EYEING GLOBAL SUITE (in Chandigarh and Ranchi in Jharkhand, apart...
- Magazine article from: India Business Insight August 18, 2008 700+ words
...setting up new projects. Lemon Tree is an upscale mid-market...hotel projects in India. Lemon Tree is setting up 150-room hotel under the brand, Lemon Tree, on a 3.5 acres plot...up its budget brand, Red Fox, at Gurgaon in Haryana...
- Lemon Tree hotel in Chennai by 2007-end.
- News wire article from: Business Line August 5, 2006 700+ words
...well as for their economy brand, Red Fox It may be recalled that Warburg Pincus...will be used to further expand the Lemon Tree network pan India. The Lemon Tree...limited service, budget hotels called Red Fox. The rooms in the economy hotel would...
- WARBURG BUYS 27% IN LEMON TREE HOTELS (picks up around 27% stake in Delhi-based...
- Magazine article from: India Business Insight August 2, 2006 700+ words
...in Delhi-based hotel chain, Lemon Tree for Rs280 crore. Lemon Tree Hotels is a mid-price range...create a network of around 25 Lemon Tree Hotels in India by 2010. Around...chain of economy hotels under the Red Fox Hotel brand.
Source: HighBeam Research, WARBURG TO INVEST US$60 MLN IN INDIA'S LEMON TREE GROUP.