Global financial services giant Merrill Lynch has acquired 50% stake in the Salarpuria Group’s Rs 150 crore five-star hotel project in Bangalore.

The company has picked stake in the special purpose vehicle (SPV) floated to build a five-star hotel in Bangalore. The proposed hotel, which will have 250 rooms, is to come up on 300,000 sq. ft. on the Outer Ring Road (ORR) between Sarjapur and Marathalli, opposite Cisco corporate office.

Hotel chain operator EIH Ltd would invest around Rs 650 crore in its two properties in Bangalore and Goa, under its expansion plan.