IL&FS to invest Rs 80 cr in Aria Hotels & Consultancy Services | business | Hindustan Times
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IL&FS to invest Rs 80 cr in Aria Hotels & Consultancy Services

IL&FS Investment Managers promoted IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, a subsidiary of Asian Hotels (West), for a third of its stake.

business Updated: Jul 12, 2010 19:12 IST

IL&FS Investment Managers promoted IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, a subsidiary of Asian Hotels (West), for a third of its stake.

Asian Hotels will utilise this fund to develop a high-end hotel in Delhi along with its partner Marriott International, a top Asian Hotels official said.

"IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, which will be used for developing a five star hotel in Delhi along with Marriott International," Asian Hotels (West) Chairman and Managing Director Sushil Gupta told reporters in Mumbai.

"We have entered into a 30-year management contract with Marriott International to develop the first JW Marriott hotel in Delhi with over 500 rooms at a project cost of Rs 700 crore," he said.