Berggruen Hotels launch chain of boutique hotels in India

Mumbai, Jan 22 (UNI) Berggruen Hotels, a new hotel venture backed by Berggruen Holdings Inc, will launch their new brand of boutique budget hotels, 'Keys' in India.

With an equity capital of US $ 100 million, Berggruen Hotels will build a minimum of thirty-eight hotels in the next five years in India. Twenty four sites are in active negotiation and the launch of the first hotel is scheduled for June 2008, a release here said.

Sanjay Sethi, Founding Director on Board and CEO, Berggruen Hotels said,''We are excited about this new venture which brings together the fiscal strength of an International Holding company, Berggruen Holdings and the domain knowledge of the management team that has got together to launch Berggruen Hotels and its brand 'Keys'.Our strategic advantages will be our financial strength, a robust business model, an enabled team and our unique product offering in this segment.'' Partha Chatterjee, Director on Board and Chief Marketing Officer, Berggruen Hotels said,'' We shall significantly raise the bar on the relevance and quality of service being offered through the launch of 'Keys' in India and plan to spread the brand globally in the near future.'' Berggruen Hotels will operate 38 hotels (4200 rooms) evenly distributed across tier 1, 2 and 3 locations pan India, each with 100 to 170 rooms and a company turnover in excess of Rs 350 crores in the next 5 years. 'Keys' rooms will all be double rooms with charges depending on occupancy. Initial pricing will be between Rs 1400 and Rs 2200 across the country, the release added.

UNI