One of India's biggest carpet exporters Satish Gupta has bought the Svelte hotel in Delhi's Saket business district for 110 crore from a consortium that includes Ranjan Bhattacharya, the foster son-in-law of former prime minister Atal Bihari Vajpayee and CPH, a fund run by media moghul Kerry Packer's family.
The hotel, which sits atop the up-market Select City Walk mall, and next to the Robert Vadra and DLF-owned Hilton Garden Inn hotel, is the first such property to be sold in the vicinity and will become the benchmark for future hotel deals.
DLFBSE 0.15 % recently said it is in the process of selling the Hilton property.
Private equity funds SRS Investment Advisors, JM FinancialBSE -0.61 % and CPH own just under 50% in Tristar Hotels, the holding company. The Bedi family and some other shareholders own the rest. Ranjan Bhattacharya, whose company also manages the property, has a 3% stake.
Bhattacharya and Jagdeep Pahwa, the managing director of SRS Investment Advisors, which also represents CPH in India, confirmed the sale.