Anant Raj plans to sell two hotels for estimated Rs 900 crore

Realty firm Anant Raj is planning to sell two hotel properties in the Delhi-NCR region for an estimated Rs 900 crore as part of the company's strategy to monetise non-core assets.
The Delhi-based firm has 11 hotels, out of which, 6 hotels are completed while 5 other hospitality projects are under construction.
Anant Raj leases its commercial properties -- office, shopping malls and hospitality projects -- to obtain steady cash flows. It has also leased out some of its hotels to hospitality firms - Mapple Group and Royal Orchid.
According to sources, Anant Raj is looking to divest at least two hotels from its portfolio, that have a potential sale value of about Rs 800-900 crore.

The company wants to unlock the value of some of its under construction hotel properties, they said, adding that funds could be utilised for further expansion of the firm as well as reduction of debt.
When contacted, the company's Director and CEO Amit Sarin declined to comment.

According to the company's annual report for last fiscal, its lease income stood at about Rs 90 crore per annum. A full occupancy rental yield will be Rs 250-300 crore per annum.
Anant Raj Group has developed over 20 million sq ft in Delhi, Haryana, Rajasthan and the NCR region and is currently working on various projects. It has about 1,100 acres of land bank in these states.

Among major projects, the company is developing a township spread over 160 acres in Gurgaon, with an expected sales realisation of Rs 5,900 crore over the next 3-5 years.
Anant Raj posted a consolidated net profit of Rs 104.74 crore and clocked revenue of Rs 558.58 crore during financial year 2012-13. Its debt stood at Rs 1,480 crore while net worth was Rs 3,900 crore.
As on September 30, promoters held 63.21 per cent stake in the company.
Shares of the company closed at Rs 55.65 apiece on the BSE, down 0.63 per cent, on Friday last week and its market capitalisation stood at Rs 1,642 crore.