Berggruen Hotels executive director and CFO Vikas Chadha quits

Chadha is credited with spearheaded the expansion of Keys in the asset light portfolio apart from its owned hotels.

Vikas Chadha, executive director and chief financial officer at Berggruen Hotels (Keys Hotels) has resigned from the company, according to reports published in the media.

Chadha who was considered the face of Keys Hotels in all industry forums, had been part of Berggruen for the last 8 years in various capacities.

Chadha is credited with spearheaded the expansion of Keys in the asset light portfolio apart from its owned hotels. 

However, there is no confirmation as yet from Chadha on the development.

Reports said that Chadha would be moving by the end of March. 

Industry sources said that his departure could impact Keys  negatively, which  has been reeling under a spate of leadership exits over the past few years.

Keys hotels is a part of Los Angeles-based Berggruen Holdings, a $2-billion private equity and venture capital firm founded by billionaire investor Nicholas Berggruen.Berggruen Holdings is the owner of Berggruen Hotels in India, which was founded in September 2006 to build and operate business hotels under the Keys brand, reports said.

In a related development, on Thursday, in a notification to the Bombay Stock Exchange, Lemon Tree Hotels had announced that it has signed a non-binding term sheet with Berggruen Hotels for acquisition of 100% of the shareholding of Keys Hotels by the company directly or through its subsidiaries.

Lemon Tree said the final consummation of the transaction shall be subject to due diligence and obtaining requisite approvals, media reports said.

Keys Hotels owns and manages 21 hotels with 1911 rooms in 19 cities, the report said

Source: https://economictimes.indiatimes.com/media reports


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