Apeejay Surrendra Park Hotels Ltd, owners of The Park Hotels chain, on Thursday said it has raised $55 million through a private equity deal with Credit Suisse.
The money will be used to fund future expansions, a release issued said.
“This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region,” Apeejay Surrendra Park Hotels' Chairperson Priya Paul said.
The Park Hotels is India's first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam.
A 280-room hotel and retail development in Hyderabad is under construction and will open in 2008-2009, the release said.
The Park Hotels is a part of the Apeejay Surrendra Group, which has interests in shipping, tea, hospitality, real estate, retail and financial services. The group presently employs over 42,000 people.
Source: Economic Times