Bharat Hotels, which runs the Lalit brand of hotels and resorts in India, has acquired a 70-room property in London that will be operational in three years. 

The building, which was an academic institute earlier, is being renovated by the company.

"We had acquired a property two months back. It is currently being converted into a hotel, which will be operational under the Lalit brand in the next three years," Bharat Hotels Chairperson and Managing Director Jyotsna Suri told reporters.

Suri did not share details of the amount of money being invested by the company in the project.

She said two other international firms were in the race to acquire the property.

The company that operates nine luxury hotels and resorts in India, also has plans to expand to other international markets like Dubai and Thailand.

"We have projects planned in those locations but they are currently on hold as the situation is not favourable there," Suri said.

Within India, the company has plans to invest Rs 1,500 crore by 2015. "Rs 500 crore would be invested in 25 budget hotels under the Lalit Traveller brand by 2015 and Rs 1,000 crore for opening luxury hotels," she said.

The first Lalit Traveller is set to open in Jaipur, she added.