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Citi Property to invest $120 million in luxury hotels

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The New York-based Citigroup Property Investors (CPI) will invest up to $120 million in Bangalore-based Nitesh Estates’ luxury hotels.

CPI, which is among the biggest private equity investors in the Indian real estate market, recently transacted a $100-million five-star hotel property on Residency Road, Bangalore. The group has already invested approximately $250 million in India and has plans of investing another $500 million.

Nitesh group is planning to build four more hotels in Goa, Chennai, Hyderabad and Kochi.

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