Lemon Tree Hotels has signed a non-binding term sheet with Berggruen Hotels, a company owning and operating hotels under various brands i.e Keys Prima, Keys Select and Keys Lite in India, hereinafter referred to as Keys Hotels and Berggruen Investments a company incorporated in Mauritius (Holding Company of Keys Hotels) for acquisition of 100% of the shareholding of Keys Hotels by company directly or through its subsidiaries. Final consummation of the transaction shall be subject to the due diligence and obtaining requisite approvals.
Lemon Tree Hotels is India’s largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017.
