Australian fund to invest A$40 m in Chennai hotel

CHENNAI: Asiana Hotels & Resorts has tied up with Australian fund manager Banyan Fund Management for A$40 million investment to fund its upcoming projects in Sriperumbudur, Pillaiyarpatti (Karaikudi) and Rameshwaram.

The Chennai-based company has a land bank in excess of 300 acres in these places put together, Asiana Hotels MD and CEO Shri Sriharan told ET.

Construction work for the Sriperumbudur project, with a total of 219 hotel rooms and serviced apartments, will commence in a fortnight, he said, adding work on the other two would begin by year-end. The Rameshwaram property, where Asiana has 300 acre, would be developed as a resort with 240 rooms and 140 villas in the first phase.