Credit Suisse is picking up a minority stake for $55 million (Rs 220 crore) in the Park Hotels chain. The deal puts the valuation of the closely-held Apeejay Surrendra Hotels, which owns and manages The Park chain in six cities, among the top five hotel companies in the country. (see table).
Sources close to the development said Credit Suisse’s real estate fund would acquire anything between 10 and 15 per cent in Kolkata-based Apeejay Surrendra Hotels in a structured deal. This deal values the company at Rs 1,500-2,200 crore.
This is Credit Suisse’s second investment in the real estate sector, the first being its acquisition of 75 per cent in a Rs 300-crore infotech park-cum-five-star-hotel project of developer Vascon Engineers, based in Pune.
(Source: Business Standard)
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