DB Hospitality May Cut Stake In Delhi Airport Hotel SPV
DB Hospitality is planning to cut stake up to 49% in the SPV formed to develop an eight-acre plot in the hospitality district of Delhi International Airport, according to ET.
DB Hospitality aims to raise around R350 Cr from this stake sale.
Last year, DB Realty picked up 49% equity stake in DB Hospitality.
DB Hospitality was also looking to raise around R1500 Cr for execution of the hotel projects by selling stake in any of its three operational and five under-construction properties, last year.
In 2009, Delhi International Airport Ltd (DIAL), the consortium that manages the Delhi airport, had auctioned and sub-leased 14 plots for development. DB Hospitality, the hotels business arm of DB Realty, was awarded the plot under this bidding process for a rental and development charge of R400 Cr.
Recently, DB Hospitality defaulted on R95 Cr lease rental for the allotted plot.
The firm plans to develop 1.3-Mn sq ft of the plot which includes a hotel, a convention center, and serviced apartments, along with 300,000 sq ft of retail space.
Promoted by Shahid Balwa and Vinod Goenka, DB Hospitality is a real estate development company and operates in the hospitality sector. The company is engaged in the development of hotels and its portfolio of hotels consists of Hilton in Mumbai and Le Méridien, Ahmedabad and Grand Hyatt in Goa. The company was formerly known as Neelkamal Marine Drive Developers Private Limited.
Last week, there were rumors that ITC was in talks to buy a minority stake in DB Realty's hospitality business for approximately R700 Cr.
Recently, DLF was planning to sell hotel - Hilton Garden Inn, New Delhi. The sale is part of its strategic move to exit non-core assets to reduce debt; Hotel Leela Venture was planning to sell its noncore assets in order to repay its debt.
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