Lemon Tree, APG launch JV

The Lemon Tree Hotel Co. and a Dutch pension fund have partnered to form a joint venture to develop midscale hotels in India.

The Lemon Tree Hotel Co., New Delhi, and APG, a subsidiary of Stichting Pensioenfonds ABP, Heerlen, Netherlands, set up the joint venture company Fleur Hotels which will invest Rs2,000 crore (US$376 million) to develop hotels for with a total of 4,500 guestrooms by the end of 2016. Each of the hotels will be under Lemon Tree’s brands Lemon Tree Hotels, Lemon Tree Premier and Red Fox Hotels.