Fleur Hotels, a joint venture between Lemon Tree Hotels and Dutch pension fund manager APG, today said it has acquired 130-room Clarion Hotel in Bengaluru from Asian Hotels (West) LtdBSE -9.39 % for Rs 64 crore in an all cash deal.
Another Rs 11 crore is proposed to be spent on renovating the hotel and re-branding it as the Lemon Tree Hotel,
Whitefield, Bengaluru, the company said.
Commenting on the development, Lemon Tree Hotel CMD Patu Keswani said: "As the dominant player in the mid-market hotel segment, it is an endeavor to further expand our ownership and network of mid-market rooms in India, in order to meet the growing needs of the under-served mid-market hotel customer."