UKs Claridge buys stake in Sea Rock

Mumbai, May 18 | Updated: May 19 2005, 05:30am hrs
UK-based Claridge group of hotels has acquired a controlling stake in The Sea Rock Hotel located at Bandra in Mumbai for Rs 132.75 crore. Claridge is now planning to restore the hotel which has been closed for many years and hand over the managament to a foreign operator.

The UK-based group is already eyeing international operators like Four Seasons, Ritz Carlton and Mandarin Oriental who are keen to establish their presence in India. Sea Rock, which is located right next to the Taj Lands End, is owned by a property company called Elel which is owned by four foreign institutional investors (FIIs) - Sheena Investments, Excalibur, Stanford and Wabbe Investments Pvt Ltd.