With Rs 515-crore bid, ITC bags Park Hyatt Hotel in Goa

By: | Published: February 24, 2015 1:13 AM

Cigarettes-to-hotels conglomerate ITC on Monday said it has emerged as the highest bidder for Park Hyatt Hotel...

Cigarettes-to-hotels conglomerate ITC on Monday said it has emerged as the highest bidder for Park Hyatt Hotel in Goa, currently owned by Blue Coast Hotels.

ITC’s bid price for the asset was above Rs 515 crore.

“IFCI informed us that the company has been declared as the highest/successful bidder for Park Hyatt Hotel located at Arossim, Cansaulim, Goa, along with land and built-up area of the hotel, together with all buildings and structures and plant and machineries,” ITC said in a BSE filing.

“The aforesaid assets of Blue Coast Hotels were put up on sale today by IFCI through public auction under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,” the filing said.

An ITC spokesperson said the company was awaiting further details from IFCI.

Blue Coast Hotels was incorporated as a public limited company in July, 1992, in Delhi and obtained Certificate of Commencement of Business in September 1992. The name of the company was changed from Blue Coast Hotels and Resorts to Blue Coast Hotels with effect from October 29, 2009.

According to the company website, Park Hyatt Goa was opened in 2004. Located in south Goa on a 45-acre site, it is a beach resort with 250 rooms.

ITC has four distinct brands — ITC Luxury Collection, WelcomHotels, Fortune and WelcomHeritage in the hotel segment. ITC Hotels, which was launched in 1975, has more than 100 hotels at over 70 destinations. During the third uarter ended December, the company unveiled its latest offering in the super-premium segment — ITC Grand Bharat near Gurgaon.

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