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ITC Hotels, India's second largest hotel chain, has gained over 1% to Rs 395 on the BSE after it won the bid to acquire Park Hyatt Hotel property in Goa owned by Blue Coast Hotels that had been put up for public auction by IFCI.
Blue Coast Hotels Ltd owns Park Hyatt Goa Resort & Spa, a five Star deluxe beach resort at Goa, MGM Grand New Delhi, Sheraton Chandigarh and Sheraton Amritsar.
P L Suri-headed Blue Coast Hotels, the owner of the Goa property, said the hotel which was kept as a collateral against loan taken from IFCI has been put on the block by the state-owned finance company despite no mutual consent.
"IFCI Ltd. have informed us that the Company has been declared as the highest successful bidder for Park Hyatt Hotel located at Cansaulim, Goa along with land and built up area of the hotel together with all buildings and structures and plant & machineries. The aforesaid assets of M/s. Blue Coast Hotels Ltd. were put up on sale today by IFCI Ltd. through public auction under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002", ITC said in a disclosure.
IFCI stated in October that it plans to cut non-performing assets by two percentage points before the end of this financial year. Blue Coast is one of the top ten NPA accounts of IFCI which is collectively worth Rs 1,450 crore of credit exposure.
The stock opened at Rs 392 and touched a high of Rs 395 intraday. A total of 53,631 shares have changed hands on the BSE so far.
