Breaking News

You are here » Indian-Commodity  :  Investment  :  Lemon Tree Hotels agrees to enter into JV with Magnolia Grove investment

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.


Related News

View all news

Bajaj Auto planning to foray into electric vehicles next year

Bajaj Auto is planning to foray into electric vehicles (EV) next year, simultaneously with the migration of its conventional engine vehicles to BS-VI emission norms.The company also plans to launch electric......

KPR Mill commissions Ethiopia garment facility

KPR Mills' Ethiopian garment facility has started the commercial production. It has a production capacity of ten million garments per annum.KPR Mill is a garment exporter, as well as a vertically integrated......

Larsen & Toubro Infotech acquires Ruletronics

Larsen & Toubro Infotech (LTI) has acquired Ruletronics for an enterprise value of $7.48 million (about Rs 53 crore). The acquisition will strengthen the company's rapidly growing digital business......

Top News

View all news

Maruti Suzuki opens bookings for New Baleno

Maruti Suzuki India has opened bookings for the new edition of India's most preferred premium hatchback, Baleno. New Baleno, the style icon of Nexa has been refreshed with a fresh sense of premium-ness......

SpiceJet reports passenger load factor of 92.7% in December

SpiceJet has reported the Passenger Load Factor (PLF) of 92.7% during the month of December 2018. The company had reported PLF of 91.1% during the month of November 2018.The PLF is a key indicator of the......

InterGlobe Aviation reports passenger load factor of 88.9% in December

InterGlobe Aviation (IndiGo) has reported the Passenger Load Factor (PLF) of 88.9% during the month of December 2018. The company had reported PLF of 84.9% during November 2018. The PLF is a key indicator......