BackPark Hotels raises $55mn equity from Credit Suisse
Park Hotels raises $55mn equity from Credit Suisse
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New Delhi: Apeejay Surrendra Park Hotels Ltd., owners of The Park Hotels has raised $55 mn (Rs 220 crore) for major expansion plans through a private equity deal with global financial giant Credit Suisse.
Karan Paul, Chairman, Apeejay Surrendra Group, said, “Both partners share a deep understanding of the business and a vision for the future which will propel the company to a new level."
Priya Paul, Chairperson of the group on the occasion said, “We have run a very successful hospitality business for over 40 years and our hotels are industry leaders in innovation and design. This infusion of capital will be a catalyst, enabling us to expand our footprint throughout the region."
The Park Hotels is India’s first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam. A 280-room hotel and retail development in Hyderabad is under construction and will open in 2008-09. The pioneers of the boutique hotel concept in India, The Park Hotels with 40 years of hotel operations experience are a part of the Apeejay Surrendra Group.
The group which was established in 1910, currently employs more than 42,000 people and is engaged in shipping, tea, hospitality, real estate, retail and financial services.
In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 69 locations across 33 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.
Credit Suisse actively invests in real estate and hospitality-related projects in global emerging markets. It regards India as one of the most important growth markets for its Asia Pacific business, and this partnership underlines Credit Suisse’s commitment to the country.
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