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Morgan Stanley to sell 26% stake in IHHR Hospitality

  • NEW DELHI: Morgan Stanley is selling its 26% stake in IHHR Hospitality, which owns the world's top-rated spa, Ananda in the Himalayas.

    A person familiar with the development told ET that the US-based financial services provider is selling its stake to IHHR Hospitality's biggest stakeholder, the London-based Choudhrie family. Morgan Stanley had bought the stake in 2007 for about $40 million.

    Both Morgan Stanley and the Choudhrie family refused comment.

    "The transaction is expected close in the next few weeks," the person quoted earlier said, adding that the 62% stake that the Choudhries hold in IHHR Hospitality would increase to over 80% after the deal. The Choudhrie family also part owns Gurgaon-based real estate firm Alpha G Corp.

    IHHR Hospitality is also scouting for international hotel operators to manage its Ista brand of hotels in Bangalore, Hyderabad, Amritsar, Ahmedabad and Pune.

    While an email query sent to Hyatt seeking information on the talks remained unanswered, IHHR Hospitality managing director and co-promoter Ashok Khanna said, "We have been exploring alliances for a while. However, nothing has been decided yet. We will make an announcement when the decision is made."

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