GMR may sell 5-Star hotel at Hyderabad Airport
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 HVS India as its transaction advisor. HVS India has been mandated to find a suitable buyer for the 5-Star Hotel which is currently managed by Accor Group, sources said.
"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.
According to analysts, the valuation of the hotel could be anywhere near Rs 1 crore per room under the present circumstances.
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