Berggruen Hotels launches Keys boutique budget hotel chain In India

22 January 2007

Mumbai: Berggruen Hotels, a new hotel venture backed by Berggruen Holdings Inc, has announced that it will launch Keys, a new brand of boutique budget hotels in India. With an equity capital of $100 million, Berggruen Hotels says it will build 38 hotels in the next five years in India and is in negotiation for properties in 24 sites.

The launch of the first hotel is scheduled for June 2008.

Berggruen Holdings is a private company founded in June 1984 by Nicolas Berggruen. It manages and invests its proprietary capital that exceeds $1.5 billion in a range of asset classes including direct private equity, stocks and bonds, hedge funds, private equity funds, art and real estate. Headquartered in New York, it is one of the investment vehicles of the Berggruen Family, whose overall net assets well exceed $1 Billion

Berggruen, who was present at the press conference, said that India was a priority market and central to Berggruen's global emerging markets strategy. Berggruen Holdings is one of the first American companies investing in a team of Indian professionals launching and establishing a brand in India first, and then taking it global.

Until now its primary focus has been on the US and Europe, but it is now looking at opportunities in Asia, with particular focus in India. The company has offices in the US, the UK, Germany, Switzerland, Israel, Turkey, India and is looking to set up an office in Singapore.