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ITC Hotels on Wednesday announced the successful acquisition of Park Hyatt Goa Resort and Spa.
ITC, which offered to pay ₹541 crore for the Goa property, was declared the highest bidder following an auction held by IFCI in 2015. However, the sale was eventually stuck down by the Bombay High Court following an appeal by Blue Coast Hotels, the original owner of Park Hyatt Goa, against lender IFCI’s move to sell the property to ITC.
The Supreme Court, however, set aside the Bombay High Court order and upheld the sale in March this year.
“ITC Hotels is making preparations for the upcoming festival and tourist season. Business continuity remains the top priority for the company,” said a press statement issued by ITC on Wednesday.
The 252-room beachside property, located at Cansaulim beach, will undergo ‘minor renovation’ to comply with ITC’s sustainability practices. The property will be run under the company’s luxury hotels brand ‘ITC Hotel’. It currently owns 12 hotels in that segment.
“This 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,” Nakul Anand, Executive Director, ITC, said in the statement.
ITC operates its hotels under four brands — ITC Hotel at the luxury end, WelcomHotel in the 5-star segment, Fortune in the mid-market to upscale segment and WelcomHeritage in the heritage leisure segment. The company currently has more than 100 hotels in over 70 destinations.
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