SG KE TOI Credit Suisse invests $55m in Park Hotels

TIMES NEWS NETWORK

Bangalore: Apeejay Surrendra Park Hotels, owners of The Park Hotels, has raised $55 million for major expansion plans through a private equity deal with global financial giant Credit Suisse.

Priya Paul, chairperson of Apeejay, said, “This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region.”

Credit Suisse actively invests in real estate and hospitality-related projects in global emerging markets. “It regards India as one of the most important growth markets for its Asia Pacific business, and this partnership underlines Credit Suisse’s commitment to the country,” she added. The Park Hotels has a 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 will open in 2008-2009.