V Hotels, owned by Ajit Baburao Kerkar and family, will have to wait longer for a resolution on their Centaur Hotel property on Juhu beach, now known as Tulip Star Hotel. According to an interim order by the Bombay High Court, there are ?injunctions? in the related case due to which V Hotels ?cannot at this stage transfer, alienate or encumber the property (Centaur Hotel, Juhu)?.
Siddhivinayak Realties (SRPL) has filed an arbitration petition seeking an injunction against V Hotels in the Bombay High Court. The case is now scheduled for hearing on Aug 26. In a hearing held on Aug 13, the Bombay High Court had adjourned the matter to a later date as V Hotels sought more time to reply to the petition.
SRPL?s move follows an award passed by an arbitrator late July, terminating the Centaur Juhu deal between SRPL and V Hotels, and directed the latter to refund R73 crore paid as an initial sum by SRPL towards the deal. SRPL is an equal joint venture between Oberoi?s arm Oberoi Constructions and DB Realty?s promoters Shahid Balwa and Vinod Goenka.
In an earlier interaction with FE, Peter Kerkar, director, Cox & Kings and son of Ajit Kerkar, had expressed interest to sell or develop the property. However, Oberoi Realty that owns the Starwood run Westin hotel in Goregaon in Mumbai, continues to remain interested in the property, as it has challenged the award terminating the contract.
When contacted, Vikas Oberoi, managing director, Oberoi Realty, said, ?The matter is subjudice. We have informed the stock exchange.? Starwood, that has an ongoing relationship with Oberoi Realty, has been looking at getting its luxury brand, St Regis, to India for a while now.
According to industry sources, a local real estate developer along with a private equity player may show interest in the p, if it goes for fresh sale.
At the current market rate, the valuation of Tulip Star could be in the range of R30,000 per square feet. Located on approximately 2,66,000 square feet of land in Mumbai, Tulip Star has around 400 rooms and other facilities like restaurants, banqueting, health club, business centre, shopping area.