The Indian Hotels Company (IHCL) on Thursday said that Delhi Development Authority (DDA) has renewed the licence for the Taj Palace Hotel at Dhaula Kuan in New Delhi.
This announcement comes at a time when the New Delhi Municipal Corporation is gearing up to invite bids for the auction of the first property managed by the group, the Taj Mansingh in New Delhi.
In a statement, the company said the renewal of the licence for Taj Palace Hotel is for 25 years, effective from April 1.
The Taj had originally entered into an agreement for the construction and licence of the hotel with the DDA for 30 years, effective from April, 1983. The company said it will continue to operate the hotel till March 31, 2038.
Raymond Bickson, Managing Director, IHCL, said: “The hotel has great equity in the industry owing to its superlative service standards and advantageous location….”