BackCox & Kings arm inks pact with European realty firm
Under the agreement, up to 400 million could be invested, subject to approval by both parties on a hotel by hotel basis, through long-term leases
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Mumbai: Paris-headquartered real estate firm Foncière des Régions SA will build hotels in European cities and lease them to the European leisure travel unit of Cox & Kings Ltd, under a long-term agreement.
The investment would be primarily in European gateway cities in the initial phase. Initial targets include Amsterdam, Barcelona, Brussels, Berlin, Geneva, Hamburg, Frankfurt, London, Madrid, Milan, Munich, Paris, Rome, Vienna and Zurich.
Under the agreement, up to €400 million could be invested over the next four years, subject to approval by both parties on a hotel by hotel basis, through long-term leases, Cox & Kings said in a statement.
The investment would be done entirely by Foncière des Régions.The Cox & Kings European unit called MEININGER Holding GmbH will manage the hotels under the MEININGER brand.
The agreement was signed between MEININGER Holding and Foncière des Murs, a subsidiary of Foncière des Régions.
MEININGER will also provide other services appropriate to its brand, the statement said.
Cox and Kings Ltd had most recently raised ₹ 1,000 crore through its qualified institutional placement (QIP).
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