Unitech puts two hotels on block, eyes Rs 600 crore

The first is a 200-room operational hotel in Gurgaon, second is a 250-room under construction property in Noida

Property developer Unitech is in talks with buyers to sell two hotel properties in the national capital region (NCR) to reduce its debt burden, said sources. The company is expecting around Rs 600 crore from the sale of properties, sources said.

The first hotel is a 200-room operational property in Gurgaon and the second is a 250-room under construction hotel in Noida.

"The company is talking to buyers and looking to close this transactions by March this year," said a person.

The company spokesperson declined to comment on the subject.

Unitech stock rose 5.22 per cent to close at Rs 14.10 on Wednesday.

Unitech has total debt of Rs 6,200 crore on the books and looking to reduce that burden.

Additionally, the company is also looking to sell 30 acres of land parcels in its townships in Bangalore, Mysore and Chennai which are expected to fetch the company around Rs 400 crore. The company is also talks with PE major Blackstone to sell its IT SEZ in Gurgaon which is expected to fetch over Rs 2500 crore for the company.

"All these assets are non-core for the company, hence they are exiting them," sources said.

DLF, the country's largest developer' is also aggressively selling its land parcels, hotels and resort company to reduce its debt which is around Rs 19,500 crore.