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Lemon Tree Hotels inks non-binding term sheet for Keys Hotels

Friday, 15 Mar 2019
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Lemon Tree Hotels has signed a non-binding term sheet with Berggruen Hotels, the company owning and operating hotels under the Keys brand.

The agreement has been signed for acquisition of 100 percent of the shareholding of Keys Hotels by the company directly or through its subsidiaries. The final consummation of the transaction will be subject to due diligence and obtaining requisite approvals.

Keys Hotels owns and manages 21 hotels with 1,911 rooms in 19 cities. Keys Hotels had been scouting for buyers for a few years and has an estimated debt of about Rs 160 crore.

The current portfolio of Keys Hotels includes seven owned hotels with 936 rooms in six cities, including Bengaluru, Pune, Ludhiana, Vizag, Kochi. Further, Keys Hotels also owns two land parcels for hotel development in Goa and Raipur. Keys Hotels operates hotels under brands Keys Prima, Keys Select and Keys Lite in India.

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