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Taj to buy two 5-star hotels - Views on News from Equitymaster
 
 
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  • Dec 20, 1999

    Taj to buy two 5-star hotels

    The Taj Group of Hotels is taking over two Hyderabad-based hotel properties - Krishna Oberoi and Holiday Inn Krishna promoted by the GVK group of Industries.

    While Krishna Oberoi is a 260-room five star hotel, the Holiday Inn Krishna is a 140-room five star hotel.

    A new company will be formed wherein Indian Hotels Company (IHC) which owns and manages the Taj brand will have an equity stake of 26%. GVK Industries will have a 40% stake and the balance will be held by the public.

    IHC is the largest hotel chain in India, with management contracts for another 45 hotels. It owns 16 hotels and has a minority stake in 22 others. IHC has a presence in all segments through 5 Taj luxury hotels, Taj Residency hotels, Gateway residency hotels, palace hotels, beach resorts, garden retreats and wild life lodges.

    Besides, the equity stake, the hotel will also be managed by the Taj group and it will also earn an annual management fee.

    The deal seems to have been so structured so that the GVK group continues to have a stake in the properties while the management is done by the Taj Group. For the Taj group the initial investment of Rs.15-20 crore to upgrade and modernise the Krishna Oberoi, could serve as an initial subscription to the equity of the new company.

     

     

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