Saket Courtyard Hospitalty has put the Hilton Garden Inn Hotel, its only operational property with a Hilton association
Saket is the controversial joint venture between the DLF Group, India’s largest real estate player, and Robert Vadra, an entrepreneur married to Priyanka Gandhi. DLF owns the land on which the 116-room Hilton Garden Inn is built, by virtue of which it is said to have a 50% stake in Saket.
Saket has given an exclusive ‘sale’ mandate relating to the hotel, located in the vibrant shopping and entertainment district of Saket in affluent south Delhi, to an international property consulting (IPC) firm as per a report in DNA.
Built in November 2009, the mid-market (four-star) hotel boasts dining and meeting rooms, some unique amenities and state-of-the-art facilities.
It is the first hotel in the Asia Pacific region carrying the Hilton Garden Inn brand. Over the years, it is said to have established itself well in its mid-market segment with strong average daily rate and decent occupancy levels. (Single occupancy tariff is priced Rs8,000 to Rs10,000.)
DLF has been saying that the sale proceeds from non-core businesses are being used primarily to reduce debt on its books.
It is not clear if the sale of the Hilton hotel in south Delhi is a prelude to a potential DLF exit fromthe joint venture firm. A few years back, DLF received negative press and considerable attention from opposition parties for extending unsecured loans of more than Rs3.5 crore to Saket Courtyard Hospitality.
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