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DivyaSree Developers to enter into hotel development

Gayatri Vijaykumar - Bangalore

Bangalore-based commercial property developer, DivyaSree Developers, has plans to set up two five-star hotels with 350 rooms in Bangalore and one with 250 rooms in Hyderabad in the business hotels category.

Santhosh Martin, its CEO, says, "We plan to set up an inventory of 1,000 rooms in Hyderabad and Bangalore. All hotels will come under the five-star category." According to him, DivyaSree had raised US$ 100 million from global investment firm TPG Axon Capital early in 2007 and 20 per cent of the funds from this investment will be used towards development of the slated projects.

"The construction for the business hotel in Bangalore is expected to start by next July and the Hyderabad hotel construction would begin in March next year. All these hotels will become operational in the next three years," revealed Martin. DivyaSree Developers has plans of further expansion, however Martin was not ready to divulge any further information.

Launched in 1997 by Shyamaraju and Company (India), DivyaSree Developers has provided real estate solutions and has a portfolio covering civic infrastructure, IT parks, BPO facilities and Financial Management Services.