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.