Private Equity

PE-RE Fund Investments

Kotak Realty Fund invests Rs.1,100 Cr in LaLiT Hotels

Economic Times  

Kotak Realty Fund has invested more than INR 1,100 crore, via the debt route with a tenure of five years, in Bharat Hotels, the holding company which operates The LaLiT brand chain of luxury hotels. The company will use the funds to repay its existing lenders including public and private sector banks. Bharat Hotels has a portfolio of 12 luxury hotels, palaces and resorts and two mid-market segment hotels under The LaLiT Traveller brand offering 2,261 rooms across Delhi, Udaipur, Mumbai, Bengaluru, Jaipur, Goa and Srinagar. Kotak has invested through its 13th real estate fund that recently achieved the first closure with a USD 500 million commitment from the sovereign wealth fund Abu Dhabi Investment Authority (ADIA). Domiciled in Gujarat's GIFT City, this is Kotak's latest property fund with a USD 1 Billion platform targeting opportunistic real estate investments across key cities of India. The firm had last funded a hospitality company in 2007-08 when it invested in the parent company of Lemon Tree Hotels.