Ansal API to pump in Rs 2,000 cr in hospitality sector

New Delhi, June 29 (UNI) Realty developer Ansal Properties and Infrastructure Ltd (API) today said it will infuse about Rs 2,000 crore to set up a chain of 30 hotels over the next ten years.

The company has formed a special purpose vehicle (SPV) with hospitality business provider Ambience Hospitality Mangament Pvt Ltd for the proposed project.

Ansal properties will have 80 per cent stake in the SPV, while Ambience will hold the remaining equity.

''We will raise the fund through internal accruals, debt, foreign investors and by launching an IPO of our SPV in the near future,'' said Ansal API Chairman Sushil Ansal.

The SPV will own and manage these resorts and hotels under its own brand and it will enter into discussions with leading international hotel chains for possible management and branding tie -ups for their business and leisure hotels, Mr Ansal added.

The first heritage hotel in Jodhpur is scheduled to be executed by September 2009, while the Golf resort in Lucknow and Greater Noida will be completed by 2010.

The hotels will be five star and four star categories, and will include palace hotels, golf resorts, business hotels, leisure hotels, spas clubs and service apartments.