Monday, July 16, 2007

Credit Suisse eyes 15pct in India Park Hotels - report

MUMBAI (Reuters) - Credit Suisse is buying up to 15 percent in Park Hotels for $50-$55 million, two newspapers reported on Monday.
Credit Suisse's real estate fund will acquire 10-15 percent in the hotel chain in a structured deal, the Business Standard said, citing sources close to the development.
The deal is expected to be announced on Monday, the Hindustan Times paper said, also citing sources close to the development.
A spokeswoman for Park said she had no information at this point. A spokeswoman for Credit Suisse declined comment.
The Park chain of luxury boutique hotels, part of the diversified Apeejay Surrendra group, has six properties in India.
Credit Suisse, one of the world's top investment banks, launched its domestic brokerage operations in India earlier this year and recently obtained its Indian merchant banking licence.
A booming economy and an expansion in tourism are boosting demand for hotels in India, where a shortage of rooms has resulted in some of the highest tariffs in the region.                                                              

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