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Kanoria Foundation’s Shristi Hotel looking to buy business hotels, resorts

Friday, November 10, 2017, 10:00 Hrs  [IST]
HBI Staff | Mumbai

According to a report in Mint, With a corpus of INR 1,500 crore, Shristi Hotel Pvt. Ltd, an arm of Kolkata-based Kanoria Foundation, is looking to acquire business hotels and resorts across the country, with a strategic focus on cities like Mumbai, Chennai and Bengaluru. Alongside, the firm, which is privately held by the Kanoria family—promoters of Srei Equipment Finance Ltd—is looking to build two properties from the ground up in Udaipur and Puducherry.

Shristi Hotel has already acquired land for these two properties. The company, which last month launched the Westin hotel in Kolkata under a partnership with the US’s Marriott International Inc., is looking to acquire existing properties for rapid expansion, said Sanjeev Oberoi, chief executive officer (CEO).

“We would look at business hotels and resorts,” he said.

Shristi Hotel has spent INR 1,100 crore on its Kolkata property, which is scheduled to have 314 rooms when completed by June next year.

(Source: Mint)

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