Asian Hotels (West), which owns the Hyatt in Mumbai and JW Marriott in Delhi’s Aerocity, today sold its 50.49% stake in Inovoa Hotels and Resorts to Fleur Hotels Private Limited. Fleur Hotels, which is owned by Lemon Tree group and the Dutch pension fund ABG, has picked up 100% stake in the company for Rs 64 crore, it is learnt.
“We want to get out of the four star segment and develop luxury hotel properties now. This is why we decided to sell our stake in the company,” said Sushil Gupta, chairman and managing director, Asian Hotels (West). The company also owns Clarion Collection hotel earlier known as the Qutub in Delhi.
Inovoa Hotels owns and operates “Clarion Century” hotel in Whitefield, Bengaluru. It is a 130 room boutique property. Fleur Hotels will invest Rs 11-15 crore in refurbishing the hotel.
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