Dubai Ventures has entered into an agreement with
Bharat Hotels., one of India''s largest hotel companies
to pick up about 5 per cent stake in the latter for $40
Hotels, which operates under The Grand banner, currently
has eight luxury, five-star deluxe hotels as well as six
hotels under construction.
Ventures is the equity investment arm of Dubai Investment
Group (DIG), and invests across the world, but predominantly
focuses on Asia. DIG has offices in Dubai, Hong Kong,
Kuala Lumpur, London and New York.
Hotels currently operates InterContinental The Grand hotels
in New Delhi, Mumbai, Goa and Srinagar as well as The
Grand Ashok Bangalore, The Grand Laxmi Vilas Palace Udaipur
and The Grand Temple View Khajuraho.
Kolkata property, the 165-year-old The Grand Great Eastern,
is presently under extensive restoration, with a view
to make it one of the finest heritage hotels globally.
hotels under construction, scheduled for opening between
2008 and 2009 include The Grand Jaipur, The Grand Resort
Bekal, The Grand Ahmedabad, The Grand Chandigarh, and
The Grand Noida.