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Samsara Properties Limited, an offshore wholly owned subsidiary of The Indian Hotels Company Limited, announced the execution of a share sale deed for the divestment of 100% of its shareholding in BLUE Sydney, a Taj Hotel, in favour of Australia Hotels & Properties Limited.
The buyer is the Hong Kong based Hind Hotels & Properties Group, which operates hotels and serviced apartments under the Ovolo brand. Subject to fulfilment of certain conditions, the transaction is scheduled to be completed by October 31, 2014. The transaction value is A$32 million.
The divestment has been undertaken as part of the Taj Group’s strategy to focus on markets which are core to Group’s operations, and to create liquidity to fund the company’s ongoing expansion in such markets. Asia Pacific and particularly China have been identified as targets for expansion.
The sale of BLUE Sydney, does not reflect any diminution of the group’s interest in the Australian market. Australia is the fifth largest source market for Taj Hotels Resorts & Palaces, and outbound Australian business in particular remains a high priority for the Group.
The property was acquired by the Taj Group in 2006 .
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