Infrastructure builder GMR Group has put its Rs 300-crore five-star hotel at the Rajiv Gandhi International Airport here up for sale as it realigns its assets, sources said. This will be the third property that GMR has put on sale this year in line with the group's 'Asset Light, Asset Right strategy'.
While a GMR spokesperson denied selling the five- star hotel, sources with direct knowledge of the issue said the company has appointed a consultant to find a suitable buyer for the 5-Star Hotel which is currently managed by Accor Group, sources said to FE. "The transaction would be by way of parent company divesting its 100 per cent equity stake in the Hotel Company.The proposal envisages transfer of all assets and liabilities and a Share Purchase Agreement shall be executed accordingly,"a source said.
An industry expert said the sale of the property may etch anywhere between Rs 300-350 crore. GMR entered into a concession agreement with the Andhra Pradesh government in 2004 to develop a Greenfield airport and other related infrastructure. As part of the airport project,GMR constructed the 305-room hotel. The concession period will be for 30 years and extend able to another 30 years."As the land is leased, the same will be transferred to the new owners on the same terms illustrated in the concession agreement for the airport development," the source said.
» Read Complete News.....(You need to login first to read complete news). New User? Register for FREE!
» Back to Travel News