New York-based investment company Berggruen Holdings is understood to be in talks to acquire UK investment group Dawnay Days four-star hotel chain Ten Hotels in India.
Sources said Berggruen Holdings, which recently forayed into India with its budget hotel brand Keys, has identified Dawnay Days three properties as a potential investment target, and due diligence is in the final stage. The deal, if finalised, will be over $50 million. It is not clear if the deal would also include all other real estate assets of the UK group. When contacted, Dawnay Day Hotels India MD Mandeep S Lamba said: I am unaware of any such development.
Dawnay Day had initiated the process to sell its investments in financial services, hotels and real estate ventures in India as the UK firm fell victim to post-subprime credit crunch following which an administrator, BDO Stoy Hayward, was appointed. The administrator is now disposing the firms assets across the world, including in India.
More : economictimes.indiatimes.com
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