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28-Dec2018

Lemon Tree Hotels agrees to enter into JV with Magnolia Grove investment

Lemon Tree Hotels has agreed to enter into a joint venture (JV) with Magnolia Grove investment, an affiliate of Warburg Pincus group. The joint venture company i.e., Hamstcde Living will construct, acquire, develop, operate and lease short and long stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users.

The JV partners will initially invest Rs 1,500 crore in equity over a period of time followed by an additional infusion of Rs 1,500 crore in equity at the option of the partners, to develop rental housing projects through a combination of greenfield purpose-built properties, refurbishment of existing under-managed/stressed commercial and residential assets taken on lease/acquisition basis as well as management of existing for - rent accommodation projects.

Lemon Tree Hotels is India's largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017.


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