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HospiBuz Desk
Vatika Group is in conversation with equity firms to raise Rs 750 crore to support the expansion of Vatika Hotels. Their deal is getting a response from 4-5 private equity firms. The capital will be used for expansion across verticals including Westin hotels, facilities management and business centres.
The group is planning to expand both the hotels it owns - The Westin Hotel Gurgaon and Westin Resort & Spa Sohna from 410 keys to 660 keys. And they are planning to take it to 1200 keys in the next 3 years. They aim to refurbish the acquisition opportunities of distressed hotels in the market to increase their unlock value. Some new hotels in hill stations will also be seen in the coming years.
Enviro, the Facility Management business of the company is managing 30 million sq feet of area and they are about to add another 15 million sq feet soon. The capital they will raise will be used primarily to expand from North India to the southern and western regions. They see strong growth opportunities there. Vatika Business Centre has 5000 seats currently and they plan to increase it to 1200 in the next 3 years. Other centres will also be seen overseas in future. The primary places will be Singapore, Dubai and Hong Kong.