Sunday, March 10, 2013

GMR may sell 5-star hotel at Hyderabad Airport


Infrastructure builder GMR Group has put its Rs 300-crore five-star hotel at the Rajiv Gandhi International Airport here up for sale as it realigns its assets, sources said.
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.
10/03/13 PTI/Business Standard
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