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May 24, 2001
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Money > Business Headlines > Report May 24, 2001 |
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Bharat Hotels hires SBI Caps to advise on acquisitionsParul Gupta Bharat Hotels Ltd has appointed SBI Caps as financial advisors to conduct a feasibility study for the acquisition of some state-owned hotels under Hotel Corporation of India and India Tourism Development Corporation. "We have employed SBI Caps as our financial advisors to handle the entire process of acquisition of some hotels with ITDC and HCI. Letter of interest for these public sector hotels has already been submitted and all the formalities such as bank guarantee and initial deposit have been made," said Bharat Hotels chairman and managing director Lalit Suri. He, however, refused to divulge any details on the planned investments by the group for acquiring the properties. On the expansion plans of the company, Suri said that at present the company is focusing on the bidding process of the two state-owned companies. Apart from this, the company would open two new luxury hotels at Goa and Bombay by December at around Rs 3.50 billion which does not include the cost of real estate, Suri added. He said that the company would be submitting bids for four ITDC hotels in Delhi, Uttar Pradesh, Rajasthan and in the south, and two HCI hotels in Srinagar and Delhi each. The company already has two hotels in Delhi and Srinagar, each under its umbrella. The Delhi hotel is being run under the Intercontinental brand name, while the Srinagar hotel has a Grand Intercontinental brand name. Out of this, the Intercontinental brand belongs to the Bass group and the Grand is a brand registered by Suri. He said that the tie-up with the UK-based Bass hotel in not exclusive to Bharat Hotels. While the five-star facility in Bombay would have Grand Intercontinental brand name, the Goa hotel would be called Grand Goa Intercontinental Resort. The financial bids for the first tranche of eight ITDC properties have to be submitted by the month end. On the group's plan to offload part of its stake in Bharat Hotels, Suri said that it would depend upon the portfolio in the post-acquisition scenario but emphasised that no final decision has yet been taken. Powered by YOU MAY ALSO WANT TO READ:
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