American institutional investment firm Xander Group has sold its boutique luxury property Devigarh Palace in Udaipur to former polo player and kin of the Jodhpur royal family, Nikhilendra Singh, two people familiar with the matter said.
The sources would not share the deal size but said Xander had to take a haircut on its investment in the property as there were very few buyers.
Xander Group owns 66% shareholding in Boutique Hotels India, which co-owns Devigarh Palace in Udaipur and Devi Ratn and Rasa properties in Jaipur. The hotels have been operated by the Thai hotel chain Lebua under a management contract.
“Post the transaction, the Devigarh Palace will be rebranded and managed by RAAS,” said an official close to the deal, adding that Lebua may continue to operate the other two hotels.