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Report: Bharti Group unit to inject US$1B into Hoxton hotel chain owner

A unit of a company owned by Bharti Realty Ltd. Chairman Sunil Mittal plans to inject more than US$1 billion into the Ennismore development company, which owns the Gleneagles resort in Scotland and the Hoxton hotel chain, Bloomberg News reported, citing sources with knowledge of the matter.

Ennismore, founded by Mittal's son-in-law, will receive the funds through a Bharti Group subsidiary and channel them toward the purchase and conversion of properties into hotels in the urban areas of the U.S. and Europe, according to the report.

Hoxton operates 667 rooms across two hotels in London's Shoreditch and Holborn districts and one each in Amsterdam and Paris, the report noted. The company is developing hotels in New York City; Los Angeles; and Portland, Ore., with some of them scheduled to open later in 2018. It also plans to further expand its footprint in Chicago, San Francisco and London by 2020.