Newstrack

IL&FS to invest in business hotels

Sanjeev Bhar - New Delhi

IL&FS Investment Managers Ltd is all set to invest a huge amount of money in hospitality projects in the country. Last month, the company announced its plans of investing US$ 350 million - a part of its real estate fund's corpus - in hospitality sectors, commercial spaces and retail ventures out of which a major chunk will be going into the business hotels' kitty.

Talking to Express Hospitality, IL&FS Investment Managers, managing director, Shahzaad Dalal, revealed, "We are keen to invest in various projects in the hospitality sector and have outlined business hotels as one such key area."

Although finer points of the project are yet to be decided, the company has already received from several hotel chains across the country.

On being asked about the names of the hotel chains, he refused to divulge details, but hinted that the players are the big names of the industry. "We are concentrating on business hotels and malls in the hospitality segment, and there are so many issues that need to be worked out before we actually go about transactions with any hotel group," expressed Dalal.

The company will not have a region centric focus and will be on a look out for possible hotel venture tie-up. "We have not yet finalised the precise amount of money,” he concludes.