Viceroy Hotels to Single-Out Chennai Project Division 

by Kundan Kumar Friday, April 22, 2011
Viceroy Hotels Ltd., holding two properties in Hyderabad under Marriott and Courtyard brand names, is deciding to single out its Rs 560 crore Chennai project into a separate firm to cut debt on its balance sheet.
P Lenin Babu, secretary of the VHL Company said that the company will be building a Luxury Hotel in Chennai, costing around Rs. 450 crore, which in turn would help to reduce the debt from the account books of the VHL.
As informed in a filing on the Bombay Stock Exchange, a meeting will be held on March 26, 2011, in which the Board of Directors will discuss regarding the hiving off the Chennai Project Division. This Five Star Deluxe hotel in Chennai will be having 387 rooms, with spacious rooms tastefully equipped with all amenities. The initial cost of the hotel as in 2005 when the construction began was Rs. 490 crore, later which was revised up to Rs. 560 crore.
However, the project was delayed due to lack of funds, but with the reduction in the debts of parent company VHL enabled to raise fresh funds and the hotel will be operational in coming 2-3 years.
Apart from this the company’s shareholders had approved hiving off of the 'Bangalore Project Division' for a consideration of Rs 205 crore. P Lenin Babu said, “The project in Bangalore will take another one and a half years to get operational”.

General | Categories: travel
0    submitted by Kundan Kumar
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