One of India's biggest carpet exporters, Satish Gupta of Maharaja Exporters, has bought the Svelte hotel in Delhi's Saket business district for 110 crore from a consortium that includes Ranjan Bhattacharya and CPH, a fund run by Kerry Packer's family. 

The hotel is the first such property to be sold in the vicinity and will become the benchmark for future hotel deals. DLF recently said it is in the process of selling the Hilton property, situated in the vicinity. 

The new owner of the Svelte property is now looking at signing a management contract with an international hotel brand but until then, Bhattacharya's company Troilus Hotels will continue to manage the hotel. 

Satish Gupta, whose Maharaja Exporters was one of India's largest exporters of carpets to Europe and the US, has seen the carpets business decline by over 90 per cent in the past five to six years because of the housing bust in the West.

Through this deal the exporter is hoping to set a foothold in the hospitality industry. The plan now is to pump in 12-15 crore to refurbish the hotel.

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