Berggruen Hotels was founded in September 2006 to build and operate budget hotels (“Keys”) and a new brand for upscale hotels in India and other emerging countries.  Berggruen Hotels intends to develop and operate budget hotels in India.  Currently, Berggruen Hotels has acquired 18 premium sites in strategic locations; these 18 sites translate to 1,870 rooms.

The Company’s growth and expansion strategy includes

• Buying land, constructing hotels and operating them under the Keys Brand;
• Entering into long term land or shell/structure leases;
• Management contracts; and
• Joint Ventures

The hotels have a unique price positioning in the $50 – 60 for budget hotels in the Tier 1, 2 & 3 cities and $100 for upscale hotels; Management believes that a lean operating structure, efficient design and management operating experience in the market will allow Berggruen to out price their competitors while still providing the customer a full service experience.

Keys Hotels currently owns and operates 6 hotels, three in Bangalore and one each in Trivandrum, Ludhiana and Pune. The brand also manages 6 other hotels in Mumbai, Chennai, Ahmedabad, Aurangabad, Lonavala and Mahabaleshwar.  Hotels in Cochin, Vishakhapatnam and Shirdi are expected to open this year.