Viceroy Hotels Limited has sold its Chennai hotel project in MRC Nagar to Chennai based Mahal Hotels.
The deal will help to reduce the debt by R400Cr and help the company to focus on the existing projects and thereafter enable it to take up new projects. The company has been seeking to restructure its business operations bringing down debt on its balance sheet.
It had initiated a series of measures, including slump sale of Bangalore and Chennai properties.
Hyderabad based, Viceroy Hotels develops hotels, restaurants, and food and beverage concepts. The company owns and operates luxury hotels under the Marriott Hyderabad, J W Marriott Chennai, Renaissance Bangalore, and Renaissance Vizag names; and a business hotel under the Courtyard Hyderabad name.
The company has hived off Bangalore Renaissance Hotel Project into a separate company and in that company JPMorgan India Property Mauritius Company II had invested R74Cr out of R90Cr. commitment for 60% stake.
Viceroy has a master franchise of Boutique Bakery called ‘BreadTalk. It already has 7 branches and in next 3 years plans to increase it to 50 outlets. It is also looking at establishing Budget Hotels in Tier-2 and 3 cities in the country.
Recently, Rakesh Jhunjhunwala acquired additional 3.43% stake in Viceroy Hotels through open market transaction, increasing its stake to 13.45%.
In this space, Sahara India was planning to acquire 85% stake in Sant Singh Chatwal's flagship property Dream Downtown Hotel in New York through its Mauritius based subsidiary Aamby Valley Ltd.
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