Weighed down by a debt pile of Rs 3,800 crore, Indian Hotels is looking to consolidate its overseas operations by exiting strategically unimportant geographies, reports CNBC-TV18. In the latest development, Indian Hotels (IHCL) has put its only property in Australia, called the Blue Sydney on the block.

In a statement to CNBC-TV18, an IHCL's spokesperson said: IHCL did receive an offer for the Sydney hotel, which IHCL examined but it did not materialize, and we have no further comment to add to the above. Normally, for every hotel company, both -- hotel solicitation, offers and queries -- are received on a regular basis and it is in our interest to evaluate all options and to ensure that it complies with our strategic intent." Blue Sydney is a 100 room 5-star hotel in Sydney’s Wharf Area. It was purchased by IHCL in December 2005 from Starwood Group for AUS36 million dollars (then Rs 117 crore).

Blue Sydney's is a loss-making property. In FY13, the property made a net loss of net loss Rs 2.17 crore on a total income of Rs 55.79 crore. IHCL has with 22 resorts worldwide, from the US to Mauritius. IHCL reported a consolidated loss of 433 crore rupees in the quarter ended September 2013. The combined effect of Increasing costs, poor demand for hotel rooms, and previous expensive shopping sprees are hurting profitability.

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