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The Visakhapatnam-based Varun group has acquired Taj Gateway Hotel on the beach road here from Oriental Hotels Limited, a subsidiary of the Indian Hotels Company Limited (IHCL), for ₹120 crore, according to Varun Group Chairman V Prabhu Kishore. Making the announcement, he said, “We are happy to partner with IHCL which will continue to manage Taj Gateway for us. We look forward to a long, fruitful relationship. We are presently constructing a five-star hotel in Vijayawada which will be ready by November or December.” Elaborating on the plans, Kishore said, “we will try to make it a hot tourist destination, as Andhra Pradesh and Visakhapatnam grow in future.”
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