New York-based Berggruen Holdings' Indian hospitality venture Berggruen Hotels on Monday announced plans to set up 38 budget hotels over the next five years at an investment of $100 million.
Berggruen Hotels, promoted by US investment firm Berggruen Holdings, on Tuesday said it will invest Rs 1,100 crore (Rs 11 billion) over the next five years to build 38 'Keys' brand budget hotels comprising about 4,500 rooms across India.
Most of the hotels in the country, including the Indian ones that traditionally owned assets, have embarked upon an asset light model for a faster growth and quicker returns. Lemon Tree is likely to announce a deal with Keys Hotels in the next two weeks.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
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