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Lemon Tree in talks to buy Optus hotel portfolio

Acquisition of two hotels will give Warburg Pincus-backed hotel company a firm footing in the lucrative Gurgaon market and Bhiwadi


 Patu Keswani-promoted Lemon Tree Hotels is quietly expanding its footprint in the Gurgaon market. The Delhi-based hotel chain, backed by Dutch pension fund APG and global private equity major Warburg Pincus, has initiated discussions with a Gurgaon-based realty firm Optus Group that operates one hotel each in Gurgaon and Bhiwadi.

The deal is expected to conclude in a few weeks from now. While details about the structure of this deal are not known yet, industry sources told dna that both parties are working on the modalities. "Among options being explored include a possibility wherein Lemon Tree could pick up a majority stake in the realtor Optus's hotel assets," said one of the sources.