Novotel, the 5 star hotel in Hyderabad, is up for sale by its owner The GMR Group. 14 financial institutions and wealthy investors have shown keen interest in acquiring this property.
HVS India, the hospitality specialist is running the sale process of this hotel which could fetch a price of R350Cr.
The 305 room property, launched in2009, is located at the Rajiv Gandhi International Airport .The hotel is being managed by the French hospitality group, Accor.
The sale forms a part of the debt restructuring strategy of the group that has been selling road and power assets. It plans to use the proceeds to invest in its other business ventures.
The sale joins the trend of sell off in hospitality industry where as many as 75 branded hotels have put up their properties for sale.
Recently, GMR Hyderabad International Airport Limited was planning to divest majority stake in its Fuel Farm business. The company was also planning to raise funds through IPO this year.
Earlier this year Tata Group's hotel arm, Indian Hotels was in talks to hive off its international operations into a new company and to raise funds by selling 49% stake to foreign investor.
Xander group was planning to sell its 66% stake in Boutique Hotels India private Limited. Also S Chand & Co. was looking to sell Atlantic Hotels.
Arumugham Mahendran, the Ex - M.D of Godrej Consumer Products, signed off last week, is close to inking two significant deals worth 600-900 Cr, ET states.
Private Equity firm Creador has sold its remaining stake in Cholamandalam Investment and Finance Co. Ltd for $32.4 million.