Sant Chatwal to invest $1.3 bn in 25 hotels across India
Sant Singh Chatwal, Indian-American tycoon and a close friend of former US President Bill Clinton, is loosening his purse strings to build hotels in India.
By TNN |
HYDERABAD: Sant Singh Chatwal, Indian-American tycoon and a close friend of former US President Bill Clinton, is loosening his purse strings to build hotels in India.
He will invest around $1.25 billion to build over two dozen hotels in India in 21 cities by 2011. Mr Chatwal hopes to raise Rs 1,000 crore from the US and Europe-based private equity funds and an equal amount will come from internal resources of his company.
The balance will be financed through loans, said Mr Chatwal, chairman and CEO, Hampshire Hotels and Resorts. He was speaking to the media after the launch of the group’s first hotel in India — Hampshire Plaza — in Hyderabad. “Our plan is to set up three categories of hotels — Hampshire Plazas, boutique hotels and super-luxury brand hotels,” he said.
He will invest around $1.25 billion to build over two dozen hotels in India in 21 cities by 2011. Mr Chatwal hopes to raise Rs 1,000 crore from the US and Europe-based private equity funds and an equal amount will come from internal resources of his company.
The balance will be financed through loans, said Mr Chatwal, chairman and CEO, Hampshire Hotels and Resorts. He was speaking to the media after the launch of the group’s first hotel in India — Hampshire Plaza — in Hyderabad. “Our plan is to set up three categories of hotels — Hampshire Plazas, boutique hotels and super-luxury brand hotels,” he said.
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