ITC group has won the bid to acquire Park Hyatt
Hotel property in Goa for Rs.515.44 crore.
The diversified group has remitted 25 per cent of
the bid amount of Rs 128.86 crore for the hotel owned by Blue Coast Hotels and put
up for public auction by IFCI.
In a filing to the BSE, IFCI said the Kolkata-based ITC
has remitted the advance as per the terms of the tender document.
The bid value is equivalent to the reserve price set
by the lender, IFCI Ltd. The auction was initiated under the SARFAESI Act,
2002.
The PL Suri-controlled Blue Coast Hotels Ltd, which
owns the Park Hyatt Hotel, had a debt of Rs 228.11 crore as of March 31, 2014.
The company has been in the red since March 2011 and had defaulted on loan
repayments to IFCI.
As of March 2014, the Suri family had a 43.46 per
cent controlling stake in Blue Coast. Of the promoters’ stake, nearly 97 per
cent was pledged with the lenders. Apart from Park Hyatt Goa Resort & Spa,
it also owns MGM Grand New Delhi, Sheraton Chandigarh and Sheraton Amritsar.
The sale of the hotel in Cansaulim saw Blue Coast’s
shares rise 4.93 per cent to Rs 63.90 on the BSE, on Monday. ITC’s shares were
down 1.45 per cent at Rs 390.15.
ITC operates hotels under four brands: ITC Hotels
(luxury), Welcom Hotel (5-star segment), Fortune (mid-market to upscale) and
Welcom Heritage (heritage leisure).
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