Lemon Tree To Acquire Keys Hotels
Lemon Tree Hotels Limited (Company) has signed a non-binding term sheet with Berggruen Hotels Private Limited, a Company owning and operating Hotels under various brands i.e Keys Prima, Keys Select and Keys Lite in India, hereinafter referred to as Keys Hotels and Berggruen Investments a Company incorporated in Mauritius (Holding Company of Keys Hotels) for acquisition of 100% of the shareholding of Keys Hotels by Company directly or through its subsidiaries. Final consummation of the transaction shall be subject to the due diligence and obtaining requisite approvals.
About Keys Hotels: Keys Hotels is a mid-market hotel chain which develops, owns, leases, manages and brands hotels in India. The current portfolio ofKeys Hotels is 7 owned hotels with 936 rooms in 6 cities in India viz. Bangalore (2 owned hotels with 381 rooms), Pune (1 owned hotel with 101 rooms), Trivandrum (1 owned hotel with 101 rooms), Ludhiana (1 owned hotel with 95 rooms), Kochi (1 owned hotel with 151 rooms), and Vizag (long lease hotel with 107 rooms). Further, Keys Hotels also owns 2 land parcels for Hotel development at Goa & Raipur.
In addition to the above, Keys Hotels also operates under management /franchise agreements 14 hotels with 975 rooms in 14 cities viz. Mumbai, Chennai, Gurgaon, Goa, Mahabaleshwar, Shirdi, Port Blair, Pune, Aurangabad, Tirupati, Silvasa, Calicut, Manali, and Kolhapur.
In total, Keys Hotels today owns/manages 21 hotels with 1911 rooms in 19 cities.
Keys Hotels is India’s 4‘“ largest hotel chain in mid-priced hotel sector on the basis of controlling interest in owned and leased rooms as of June 2017, according to Horwath Report.