DB Hospitality to sell stake in hotel company

17th October 2011 (Last Updated October 17th, 2011 18:30)

DB Hospitality, a subsidiary of Dynamix Balwas Group in India, is to raise over Rs10bn ($205m) by selling a stake in either the hotel company or any of its three operational and eight under-construction properties.

DB Hospitality, a subsidiary of Dynamix Balwas Group in India, is to raise over Rs10bn ($205m) by selling a stake in either the hotel company or any of its three operational and eight under-construction properties.

The raised money will go towards hotel project development or implementation.

DB Hospitality is restructuring its hospitality assets and hopes to attract investments at the holding company level or individual project level.

DB Hospitality, which has three operational properties – the 315-room Grand Hyatt in Goa, the 171-room Hilton in Mumbai and the 63-room Le Meridian in Ahmedabad – plans to build 2,800 rooms in its hotel properties across the country by the end of 2015.

The company has also eight hotels at various stages of implementation in five cities and expects them to be operational within the next four years.