Mid-range hotel chain Lemon Tree Hotels is acquiring Keys Hotels for Rs 471 crore in a bid to expand its portfolio. In a stock exchange notification, the New Delhi-based company said it would buy out Berggruen Hotels, the parent of Keys Hotels, at an enterprise valuation of Rs 605 crore ($87.6 million). The Warburg Pincus-backed hospitality company is making the acquisition through Fleur Hotels, its wholly-owned subsidiary.

— Business Standard

DSK Legal advised Berggruen Investments led by a transaction, structuring and negotiation team of partner Hemang Parekh, principal associates Jayesh Kothari and Shahin Umani and associates Supallab Chakraborty and Devashree Maniar. Litigation support was provided by partners Anand Desai and Jatin Pore, senior associate Ankita Agarwal and associate Abhirup Ghosh. Real estate support was provided by principal associate Mitali Naik and associate Siddharth Shah.

J Sagar Associates (JSA) represented Fleur Hotels, led by Gurgaon partners Rupinder Malik and Rajul Bohra, with senior associates Mukul Aggarwal and Shivesh Aggarwal.

Vaish Associates advised Lemon Tree Hotels, with Delhi-based partner Satwinder Singh and principal associate Kalpit Khandelwal, and associate Shubhangi Bhatnagar.

2019-11-01

Deal value: INR 500 crores