News & Views on Indian Real Estate

Thursday, July 24, 2008

Yatra Capital to invest in Calcutta hotel project

Yatra Capital, a Jersey-based private equity firm, will invest 4.4 million euros in an upcoming Taj hotel in Calcutta. Yatra Capital will acquire a 40 per cent stake in Jalan Intercontinental Hotels Private Limited, the company which is building the 200-room property. The hotel will be managed by Indian Hotels Limited under the Taj Gateway brand. Built over a 1.9-acre plot, the hotel will be located at the junction of the Rashbehari Connector and EM Bypass. The hotel will cater to the needs of IT and ITeS companies located in Sector V of Salt Lake, Rajarhat and New Town.“The investment reiterates Yatra’s confidence in Calcutta as a business destination. I am happy to note that a long-term agreement has been signed with Taj Hotels for operating the hotel,” said Nigel Broomfield, chairman of Yatra Capital Limited. This is Yatra’s third investment in the city after it invested around 20 million euros in Riverbank Holdings and another 16.75 million euros in a joint venture with Forum Park for an IT special economic zone.Aditya Jalan, managing director of Jalan Intercontinental Hotels Private Limited, said, “We are delighted to partner Yatra Capital in this milestone development. We are sure the project will benefit enormously from the international experience that Yatra brings through its board of directors and Saffron, its adviser for investment in India.”At present, there are around 1,500 rooms available in the premium segment in Calcutta. Occupancy levels have increased at an average rate of 15-18 per cent over the last few years. The company has also signed an agreement with Indian Hotels for long-term management and technical assistance.

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