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ITC Hotels which operates Luxury hospitality chain announced that it has acquired Park Hyatt Goa Resort and Spa. ITC Hotels said in a statement That the acquisition was made through an auction held by Industrial Finance Corporation of India (IFCI) for Rs. 541 crores in 2015, and upheld by the Supreme Court in its March 19, 2018 judgement.
ITC Executive Director Nakul Anand said “ITC is pleased to announce the latest addition to its luxury hotel portfolio in the hospitality landscape of Goa.” He added, “It has been a long-awaited destination for ITC and we welcome the opportunity to be integrated into the multi-faceted culture and ethos of Goa.”
The deal which was inked in 2015, was stuck in legal disputes as soon after ITC was declared the highest bidder for this hotel ,the previous owner Blue Coast Hotels Ltd. (BCHL) challenged the sale which was put up for sale by IFCI through public auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
The Bombay High Court ordered refund of the sale consideration. ITC and IFCI appealed to the apex court which first gave an interim judgement, maintaining status quo and then upholding the sale through its March 19 order when it also ordered the handover of the property within six months.
The property spread across 45 acres is currently under minor renovation to comply with all the ITC’s exemplary sustainability practises, ITC said. ITC Hotels, currently, has a collection of more than 100 hotels in over 70 destinations.
