Asia-focused special situations investor Clearwater Capital Partners has sold its entire 27.16 percent stake in Indian hotel management chain Sayaji Hotels to the Dhanani family, the chain’s promoters. Clearwater disposed of its 4.75 million equity shares at INR130 per share (approximately US$2.44), valuing the transaction at approximately US$11.6 million. Clearwater originally invested in Sayaji in 2006.