DB Hospitality to raise Rs1,000 crore: report

DB Hospitality to raise Rs1,000 crore: report

Mumbai: DB Hospitality, in which DB Realty recently picked up a 49% stake, is planning to raise Rs1000 crore by selling stake either in the hotel company or any of its three operational and eight under-construction properties, a report in the Economic Times said.

A company spokesman confirmed to the newspaper that the firm is currently restructuring its hospitality assets and intends to attract investments at their holding company level or individual project level.

The company could not immediately respond when reached for a comment by the news agency.

The funds raised will go towards the development of its hotel projects and DB Hospitality plans to complete the fund raising exercise by March end, the report said.

A minimum of seven entities, including private equity players, are in talks with the company for picking up a stake, the report said.

DB Hospitality, which currently has three operational properties, plans to build 2,800 rooms in its hotel properties across the country by the end of 2015.