Credit Suisse is buying up to 15 percent in Park Hotels in a deal worth up to $55 million, according to reports.

Credit Suisse's real estate fund will acquire 10 to 15 percent in the hotel chain in a structured deal, The Business Standard said, citing sources close to the development.

Credit Suisse would have a representative on the board of the hotel company and help it chalk out its long-term growth strategy, sources said.

The Park chain of luxury boutique hotels, part of the diversified Apeejay Surrendra group, has six properties in India. One of the oldest industrial groups of the country, the Apeejay Group was established in 1910 and has been running The Park chain of hotels for over 35 years.

The group employs close to 42,000 people in rapidly expanding operations in tea, hospitality, shipping, real estate and retailing, and financial services.

Credit Suisse, one of the world's top investment banks, launched its domestic brokerage operations in India earlier this year and recently obtained its Indian merchant banking license.

This is Credit Suisse's second investment in the real estate sector, the first being its acquisition of 75 percent in a $75 million infotech park-cum-five-star-hotel project of developer Vascon Engineers, based in Pune.

The Switzerland-based financial services company has ambitious plans for India. Although it has not announced any numbers it may invest in the booming real estate sector.

Experts speculate the company might invest $1 billion in the next two years.

A booming economy and an expansion in tourism are boosting demand for hotels in India, where a shortage of rooms has resulted in some of the highest tariffs in the region.

India Investment Credit Suisse