Indian Hotels sells Blue Sydney for Rs 180 cr

Written by fe Bureau | Mumbai | Updated: Jul 11 2014, 17:42pm hrs
Indian Hotels CoAn attendant holds a trolley loaded with the luggage of a guest at the reception area of the Tata Group's Indian Hotels Co. Ginger chain in Ahmedabad. (Reuters)
Samsara Properties, the wholly-owned offshore subsidiary of The Indian Hotels Company (IHCL), on Thursday said that it has divested its shareholding in Blue Sydney, A Taj Hotel, to Hong Kong-based Hind Hotels & Properties Group for about A$32 million, or about R180 crore.

The divestment has been undertaken as part of the Taj Groups strategy to focus on markets which are core to the groups operations, and to create liquidity to fund the companys ongoing expansion in such markets, IHCL said in a release.

Asia Pacific and particularly China have been identified as targets for expansion, it added. IHCL expects to close the Blue Sydney transaction by October 31, 2104.

The Taj Group of Hotels, which acquired Blue Sydney in 2006, also added in the release that the sale of its Australian property does not lesses the groups interest in the Australian market.

Australia is the fifth-largest source market for Taj Hotels Resorts & Palaces, and outbound Australian business in particular remains a high priority for the Group.