IL&FS India Realty Fund II to invest Aria Hotels
IL&FS Investment Managers' $895 million IL&FS India Realty Fund II will invest INR80 crore ($17.2 million) for an undisclosed stake in Aria Hotels and Consultancy Services (Aria Hotels), a subsidiary of the Asian Hotels group, which owns the 400-room Hyatt Regency in Mumbai.
Asian Hotels plans an INR700 crore ($151 million) project to develop Delhi's first JW Marriott hotel, a 500-plus-room property. A consortium of public-sector banks led by Union Bank of India will provide...
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