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.
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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