After selling stake in Cinemax India to PVR, the promoters of Kanakia Group is planning to divest their stakes in four hotel projects by putting the upcoming Novotel branded five-star hotel in Ahmedabad on the block, according to DNA.

PE firm Sun Apollo, which owns the land on which the project is coming up, will also exit the project.

Kanakia has mandated the Indian arm of an International property consultant (IPC) to find a buyer.

Novotel is located off the Sarkhej-Gandhinagar highway, the mixed-use development features 176 hotel rooms, eight serviced apartments, food and beverage courts, meeting and banqueting facilities, a business centre and office space spread across two floors. The hotel will be managed by Accor Group, the international hotel chain.

Currently, Kanakia has one operational hotel (Courtyard by Marriott) in north Mumbai while another three projects are under various stages of development, including an Ibis and a Hyatt Place (Goa).

Recently, Realty Major DLF sold luxury resort chain Amanresorts for $300 Mn to the founder and chairman - Adrian Zecha.

Xander group was planning to sell its 66% stake in Boutique Hotels for around R250-300 Cr; Goldman Sachs was also planning to exit its investment in Four Seasons Hotel.

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