J Sagar Associates (JSA) and international law firm DLA Piper advised Dutch pension services provider APG Strategic Real Estate pool Netherlands in its Rs 650 crore ($123m) investment in leading Indian hotel chain Lemon Tree Hotels and its subsidiary Fleur Hotels which were advised by AZB & Partners.
JSA partner Rupinder Malik with senior associate Pallavi Puri, and DLA Piper partner Susheela Rivers acted for the €299 billion ($393 billion) pension fund asset manager APG which partnered with Lemon Tree Hotels, purchasing half the stake in hotel development-cum-owning joint venture (JV) Fleur Hotels, and also bought 5.66 per cent stake in Lemon Tree, from its founder Patu Keswani and global private equity group Warburg Pincus.
AZB & Partners partner Anil Kasturi acted for Lemon Tree, its shareholder Warburg Pincus and the JV which will invest more than Rs. 2,000 crore to develop and own 4,500 rooms in the next four years, according to a statement on the website of Lemon Tree which is India’s fourth largest hotel chain with 18 hotels across 14 Indian cities.
Kasturi said: “We originally advised Warburg on their investment in Lemon Tree way back in 2006 and we continue to advise them on all aspects pertaining to their investment in Lemon Tree.”
Lemon Tree Hotels will co-own and operate over 8,000 rooms, making it one of the largest hotel owners in India and the dominant player in the mid-market hotel segment operating under the brands Lemon Tree Hotels, Lemon Tree Premier or Red Fox Hotels, said Lemon Tree in the press release.
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