Dutch PF manager APG invests 650 cr in Lemon Tree Hotels

Dutch PF manager APG invests 650 cr in Lemon Tree Hotels

Mumbai: Lemon Tree Hotels said on Wednesday it has entered into a strategic partnership with the Dutch pension fund asset manager APG to develop a portfolio of mid-market hotels in India.

Fleur Hotels will invest more than 2,000 crore to develop and own 4,500 rooms by the end of 2016, according to a media statement.

All the proposed hotels in this joint venture will be branded as Lemon Tree Hotels, Lemon Tree Premier or Red Fox Hotels.

In a concurrent transaction, APG has also acquired a direct stake in Lemon Tree Hotels, the statement said. The other large shareholders in Lemon Tree Hotels are its founder Patu Keswani and global private equity group Warburg Pincus.

APG’s combined investment in the joint venture and Lemon Tree Hotels is 650 crore, the statement said.

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