Newstrack

Park Hotels raises $ 55 mn equity from Credit Suisse

EH Staff - Mumbai

Apeejay Surrendra Park Hotels, owner of The Park Hotels has raised US$ 55 million for major expansion plans through a private equity deal with global financial giant Credit Suisse. Priya Paul, chairperson of Apeejay Surrendra Park Hotels, said, "We have run a successful hospitality business for over 40 years and our hotels are industry leaders in innovation and design. This infusion of capital will be a catalyst which will enable us to expand our footprint throughout the region."

The Park Hotels is India's first 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 is under construction and will open in 2008-2009.

In its investment banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 69 locations across 33 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services. It 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. ICICI Securities and Amarchand Mangaldas were the advisors for this transaction.