CG Hospitality, a Nepal-based firm that has joint venture with India-based Taj Hotels Resorts and Palaces, has acquired The Farm at San Benito in Lipa, the Philippines.
Financial details of the transaction have not been disclosed.
It is now planning to introduce the luxury wellness resort in India, reported The Economic Times.
It intends to introduce Taj Vivanta in Kathmandu, the capital of Nepal, and the Taj in Dubai, UAE, in 2019.
Chaudhary Group (CG) chairman Binod Chaudhary told the publication that it has teamed up with a US-based hotel chain for a $500m fund to acquire assets in Europe.
The Farm at San Benito was acquired from Avalon Holiday Resorts, which is owned by Naresh Khattar.
Chaudhary added: “The Farm at San Benito is an iconic wellness destination and we plan to grow this brand and launch it in India or Nepal (in the Himalayas) and Latin America. We have fully acquired this company. Earlier, it was a joint venture,” said Chaudhary.
CG Hospitality operates lodges under Taj Safaris. In India, the firm currently operates hotels under the Fern and Zinc brands.
It operates 54 hotels in the country and around 25 properties are in the pipeline.
It currently has 95 hotels spread across China, Oman, Africa, the Seychelles, Thailand, Malaysia, Nepal, UAE, in addition to India.
It aims to operate 200 hotels by next two years.
Chaudhary added: “The $500 million fund is only for investments in Europe. Our other fund for distressed assets in India is moving slowly. Deals have been identified but it is taking time. We are making investments in the brand Fern in India to grow that portfolio.”
Last year, the firm announced its plans to establish $200m India-focused and $300m South Asia-focused fund to invest in assets.