Global investment bank Morgan Stanley is close to picking up 15-20% stake in IHHR Hospitality for $35-40 mn. IHHR owns the Ananda and Ista brands of spas and hotels. It is currently in the process of expanding its footprint in Delhi, Hyderabad, Pune and Ahmedabad with plans to have nine properties under the Ista brand over the next three years. Morgan Stanley will have a position on the board of the company,
The company first set up its flagship property Ananda in the Himalayas in 1998. The second spa resort, Shanti Ananda Maurice, was opened in Mauritius late last year. IHHR forayed into the business hotel segment in April 2006 by opening Ista Bangalore.
Read more in The Economic Times article.
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