Warburg Pincus buys Indian hotel chain

Warburg Pincus's latest India transaction will see the private equity firm invest Rs2.8 billion ($60.9 million) in the hospitality sector. Warburg Pincus will invest Rs2.1 billion in Lemon Tree Hotels and Rs700 million in Red Fox Hotels a new company promoted by the Lemon Tree chairman and managing director.Lemon Tree Hotels operates in the full service, moderate price category. Its rooms are priced in the Rs3000-5000/night range and are targeted to price sensitive business and leisur…