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Jan 14, 2026

Warburg Pincus on its investment in Fleur Hotels, a subsidiary of listed company Lemon Tree Hotels.

AZB & Partners is advising Warburg Pincus on its investment in Fleur Hotels, a subsidiary of listed company Lemon Tree Hotels. The deal involves a mix of a secondary buyout of APG’s stake and a fresh primary investment into Fleur.

Our deal team comprises our Senior Partners Anil Kasturi and Niladri Maulik, Partners Anisha Shridhar and Bharat Apte, Senior Associates Rohit Dutta, Purvi Lhila, and Priyasha Goyal, with support from Senior Associate Shubham Toshniwal, Associates Srijan Srivastava, Saksham Shrivastav, Sahil Aggarwal, Shivangi Bhardwaj, Sushil Joon, Gunjan Hariramani, Pratham Mehta, Syed Mohd Waquar, Ishita Agarwal and Yashna Soni. The competition law aspects were handled by our Senior Partner Hemangini Dadwal, Senior Associate Deepanshu Poddar and Associate Ileina Srivastav; corporate diligence by our Associates Apoorv Pandey, Jahnavi Srivastava and Ishita Agarwal; IP diligence by our Senior Partner Akhilesh Kumar Rai, Senior Associate Parth Agrawal, Associates Riya Gupta, Nikhil Verma, Shreya Kulkarni and Jai Joshi; employment diligence by our Partner Jatinder Singh Saluja; real estate diligence by our Counsel Priya Parab, Senior Associate Namrata Vora, Associates Anmol Lilani, Chaithanya Ampadi and Pratyush Chaturvedi, and Articled Clerk Disha Sonawane; scheme related aspects by our Partner Himanshoo Tembe, and anti-bribery & anti-corruption aspects by our Senior Associate Anmol Suhane.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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