Goldman Sachs, the majority owner of India\\\'s second Four Seasons Hotel being developed in Bangalore, has initiated formal talks to sell the project with a price tag topping Rs 800 crore.
Whitehall, a real estate unit of Goldman Sachs, has 73% stake in the 900,000 sft project which include A hotel , luxury residences, retail and office space. Goldman has had early discussions with real estate developers like Prestige Group, K Raheja Corp, Nitesh Estates, RMZ and a few ultra HNIs as per a report in TOI.
Private equity groups like Urban Infrastructure Opportunities Fund too are exploring the opportunity. Goldman\\\'s real estate fund Whitehall invested aggressively through the boom years but wants to harvest the portfolio. The delay in executing the project may be another reason for the its planned sell-off .
The projects\\\'s development partner Westcourt and Century Real Estate hold the remaining 27% stake may also look to exit the venture under development for almost five years. A Goldman Sachs spokesperson declined to comment on the story. An official with Century Real Estate also refused comment.
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