ITC rises on being highest bidder for Park Hyatt hotel in Goa

ITC is considered one of the highest bidder for Park Hyatt hotel in Goa at Rs515crore positive for ITCs hotel business as its room inventory will grow by another 250 rooms.

ITC Hotels, India's second largest hotel chain,gained over 1% to Rs395.35 on the BSE after it won the bid to acquire Park Hyatt Hotel property in Goa owned by Blue Coast Hotels that had been put up for public auction by IFCI.

ITC has been declared as the highest bidder for Park Hyatt Hotel located at 263-C Arossim, Cansaulim, Goa at Rs515crore. The property has total room inventory of 250 rooms.

The deal valuation stands at Rs2.1 EV/Room, which are decent valuations considering the premium five star hotel in one of the favorite tourist destination in India.

The occupancies and room rentals in Goa have almost remained unchanged for past few years in Goa. For ITC it will good addition to its overall room inventory of hotel business.

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ITC rises on being highest bidder for Park Hyatt hotel in Goa