Goldman Sachs is believed to be investing around $80 million (over Rs 320 crore) in a joint venture with Dubai developer ETA to launch luxury Four Seasons hotel in Bangalore. Microsoft founder Bill Gates and Saudi prince Alwaleed bin Talal-owned Four Seasons has unveiled aggressive expansion plans in India, even as fears of a slowdown in hospitality sector are being raised.
Goldman Sachs is expected to hold a majority stake-up to 76 percent, but this could not be confirmed-in the JV estimated at about $150 million, including debt. The deal marks one of the biggest PE plays in a single hospitality project in the country.
Sources said Goldman Sachs will be financing bulk of the project through a combination of equity and debt. ETA owns 4 acre adjacent to Mekhri circle, a mid-point between the city and the recently-opened greenfield airport. Further details of the project could not be ascertained. A formal announcement on the JV is expected soon.
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