Panchshil Realty has raised Rs 520 Cr from the Xander Group for developing hotels across the country.

The investment was done through a 'float deal', wherein Xander will get stakes in the projects as and when they are on.

Panchshil will use the funds to develop seven hotels across the country under the Marriot brand. It is setting up a 450-room JW Marriott in Pune, a 400-room Courtyard of Marriott and a Fairfield Inn (service apartments) of Marriott, both at Mundra port in Gujarat, and a 150-room Courtyard by Marriott in Pune’s Hinjewadi.

Transaction Reference: BS

Pune based Panchshil Realty was established in 1996 as a real estate consultancy and a project management company. It entered into real development in 2002. It develops SEZs, IT parks, hotels and residential properties.

In the past it has raised project level investments from Morgan Stanley, Merrill Lynch and Ireo.

In Nov'09, it was also talking to Piramal Group's Indiareit Fund Advisors Pvt Ltd for a project level invetment of upto Rs 150 Cr, but there has been no development on that front.

Xander Group is a US based real estate investor headed by Siddharth Yog. It invests in Indian Real Estate and hospitality projects through its two India focused funds - Xander Real Estate Partners I & II.

It has also invested in $11 Mn in Sinclair Hotels and $130 Mn in RIL's BKC Project.

Several real estate firms including Parsvnath Developers and Lodha Developers are looking to raise project level funding.

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