Delhi-based Asian Hotels (West), one of the three demerged entities of Asian Hotels, has sold a substantial stake in its subsidiary, Aria Hotels and Consultancy Services, to private equity investor IL&FS for Rs 80 crore.Aria Hotels is responsible for building a luxury hotel under the JW Marriott brand in Delhi, which will see an investment of Rs 700 crore on the project. IL&FS has picked up 32.65 per cent in this subsidiary through its private equity fund, IL&FS Realty Fund II.
Sushil Gupta-led Asian Hotels (West), which owns the Hyatt Regency, a premium hotel in suburban Mumbai, has entered into a 30 year management contract with Marriott International to develop the 500-guestroom luxury property in Delhi.
The construction started earlier this year and is expected to finish in under two years.
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