ITC bags Park Hyatt Goa Resort in auction for Rs 541 cr; staff set to be absorbed
ITC had acquired the 252-room resort for Rs 541 crore from asset-owning firm Blue Coast Hotels through an auction held by the Industrial Finance Corporation of India (IFCI) in 2015.
Luxury hotel operator ITC has taken control of the Park Hyatt Goa Resort and Spa at Cansaulim. ITC had acquired the 252-room resort for Rs 541 crore from asset-owning firm Blue Coast Hotels through an auction held by the Industrial Finance Corporation of India (IFCI) in 2015.
Earlier this year, the transaction was upheld by the Supreme Court in its March 19 judgement, as a result of which Blue Coast had to vacate the 45-acre beach-side property on Tuesday.
Nakul Anand, executive director, ITC, said this has been a long-awaited destination for ITC and a great opportunity to be integrated into the multi-faceted culture and ethos of Goa. “In order to ensure business continuity and seamless transition, the leadership team of ITC Hotels is at hand to support the current team of managers and associates,” Anand said in a statement.
Watch This Zee Business Video Here:
The sprawling property is set to undergo minor renovations over the coming weeks. As for the future of existing employees of Park Hyatt Goa, ITC is very likely to absorb them going forward.
Source: DNA Money
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
01:24 PM IST