Indian Hotels Company (IHCL), owners of the Taj group of hotels, is in negotiations to acquire Mumbais Sea Rock hotel in a deal estimated at Rs 650-700 crore, banking sources said. IHCL, through one of its associate entities, is arranging a debt facility, which, along with some internal accruals, will fund the transaction that has been in the making for a few months now. IHCL will acquire Sea Rock from the Delhi-based Claridges group, which had bought the hotel in 2005.
In January 2009, Indian Hotels Company entered into a strategic arrangement with Delhi-based Claridges group, which owns Sea Rock, to provide technical and management expertise for restoration and operation of the hotel, when the redevelopment of the property is completed, said the spokesperson of IHCL. We do not wish to comment on any further speculation, the spokesperson added.
A source familiar with the matter said the deal was synergistic for IHCL and the Taj brand, given that the Taj Lands End in Bandra is located across the road from Sea Rock. Post-deal, IHCL is believed to be working on an integrated complex at Taj Lands End. The resulting structure might eventually be similar to the iconic Taj Mahal Palace and Towers at the Gateway of India in Mumbai.
More : economictimes.indiatimes.com
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Source: sify.com
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