GMR puts airport hotel on the block yet again

Hyderabad: Infrastructure major GMR Group has put its hotel property at the Hyderabad International Airport on the block as a part of its asset light and asset right strategy. The 304-room Novotel Hyderabad Airport Hotel is expected to fetch anywhere between Rs 300-400 crore.

This is second time that GMR Group has put this luxury hotel property on sale under the Swiss Challenge model as it could not finalise the sale despite receiving some bids in 2013-14 fiscal.


“The GMR Hyderabad International Airport Limited (GHIAL) a step down subsidiary of GMR Infrastructure Limited (GIL) had initiated the process of divesting its equity stake in GMR Hotels and Resorts Limited or GHRL (that owns and manages the Novotel Hyderabad Airport Hotel), in the year 2013-2014 itself,” the infra major said in a release.
Read news in full 29/08/15 Hans India