Apeejay Group raises USD 55 mn for expansion plans

Mumbai, July 19 (UNI) Apeejay Surrendra Park Hotels Ltd, owners of The Park Hotels, today said it has raised US 55 million dollars for major expansion plans through a private equity deal with global financial giant Credit Suisse.

The announcement was made by Karan Paul, chairman of Apeejay Surrendra Group.

In a release here, Mr Paul said ''I am delighted to announce this partnership between Apeejay Surrendra Park Hotels Ltd and Credit Suisse. Both partners share a deep understanding of the business and a vision for the future, which will propel the company to a new level.'' Apeejay Surrendra Park Hotels Ltd's chairperson Priya Paul said the Group had successfully run hospitality business for over 40 years and its hotels are industry leaders in innovation and design.

''This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region,'' she added.

The Park Hotels is India's first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam.

In addition to this, a 280-room hotel and retail development in Hyderabad is under construction and will open in 2008-2009.

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world.

Operating in 69 locations across 33 countries, Credit Suisse is active across the full spectrum of financial services products, including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research and correspondent and prime brokerage services.

ICICI Securities and Amarchand Mangaldas were the advisors for this transaction, the statement added.

UNI