JP Morgan invests Rs 740 mn in Viceroy Hotels Ltd

BANGALORE: Viceroy Hotels Ltd, a major franchisee of global hospitality major Marriott International Inc, has raised private equity capital of Rs 740 million from JP Morgan India Property Mauritius Company II for its Bangalore hotel project.

In effect, the Bangalore hotel project will be transferred to a new subsidiary company, a company press release said.

Viceroy Hotels (VHL), previously known as Palace Heights Hotels, was incorporated in 1965.

The hotel has signed a master franchisee agreement with the global hospitality major Marriott International Inc to become its franchisee hotel.

VHL now operates a 297 room Marriott and 169 room Courtyard in Hyderabad. Further, VHL is constructing a 387 room JW Marriott in Chennai and a 277 room Renaissance in the city.

VHL's food and beverage retail business comprises five well established brands under two of its wholly-owned subsidiaries - Cafe d Lake and Crustum Products. Cafe d Lake runs restaurants like Minerva Coffee Shop, Blue Fox, Waterfront and Eat Street and Crustum Products comprises 'Bread Talk', a boutique bakery chain based out of Singapore.

The Group has Bread Talk outlets in Hyderabad, Mumbai, Gurgaon and Bangalore.

Equirus Capital was the exclusive financial advisor to Viceroy Hotels Ltd for the transaction.