Ways2Capital Reviews : Tata’s Indian Hotels Win 33-yr Lease For Delhi’s Connaught Hotel

Indian Hotels, which runs the popular Taj chain of hotels, emerged as the highest bidder for the Connaught Hotel, as per media reports. This posh four-star property is located on Janpath Lane in Central Delhi.

Hospitality chains Sarovar and Byke Hotels and Resorts were the other bidders.

Indian Hotels has won a 33-year lease contract with the current owner’s, the New Delhi Municipal Corporation (NMDC), the reports added.

Reportedly, NMDC had sealed off the hotel in May 2016 after the promoter of the hotel, Ramesh Kakkar, was allegedly found to be involved in the controversial murder of an estate officer, MM Khan. At that time, Kakkar owed close to Rs140cr as license fee.

The Tata-promoted Indian Hotels will pay 31.8% of its gross turn-over to NMDC and one person involved with the bidding, as specified by news reports.

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About Bhoomi Desai