MDLR Airlines buys Park Plaza Gurgaon

New Delhi: In one of its first-ever acquisitions, Delhi-based regional carrier MDLR Airlines has bought the most expensive ARR (average room rate) five-star hotel in NCR, Park Plaza Gurgaon, for Rs 120 cr. This is the first property of Bestech India as the group diversified into the hospitality business in 2002 from its core business of construction and real estate development.
“The tourism sector in the country is witnessing a great growth. Our group has been very bullish over this sector which has a lot of potential in the coming year. We got a good offer for the outright sale of this property and thus we decided to change hands,” Dharmender Bhandari, MD, Bestech India, told Sunday ET.
In fact, this 45-room star property has been one of the most successful hotels operated in its segment and the valuation has surprised many analysts in the hospitality and financial world. The average rate achieved by this hotel has been the significantly higher than others in the same category. The reason for the owner to put this property on the block was because the group is aggressively looking at expanding into the hospitality business.
20/07/08 Raja Awasthi/Economic Times

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Categories: MDLR Jul 2008