Real estate

Biggest Deal In Indian Hospitality Sector
$250 million to be invested by Citigroup in Bangalore based real estate company Nitesh Builders. It is believed that it is the largest deal in the Indian Hospitality sector. The deal involves setting up at least five luxurious hotels. Citigroup Property Investors will put in directly from their Global fund into the holding entity Nitesh Estates and Special Purpose Vehicles (SPVs). The project may also involve development of shopping malls. The deal is exclusive of Nitesh’s much talked about Ritz-Carlton property. Nitesh Builders is also looking at developing hotels in Goa, Kochi, Chennai and Kolkata. http://www.149cents.com