London-listed hospitality and leisure company India Hospitality Corporation will set up a new hotel in Bangalore next year, and is close to raising funds worth Rs 1,000 crore for expansion of its hotel business. “In the next 12-18 months, we will be focusing on expanding our hotel business in tier II cities,” managing director Ravi Deol said. The firm has already invested Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.

“We are building an Rs 1,000 crore property fund which would be utilised in expanding the hotel business in the country. A host of foreign investors have shown interest in the fund and we expect a fund closure in the next 3-4 months,” Deol said.

Source: DNA

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