Credit rating agency, CARE has reaffirmed ‘BBB+’ rating to Bharat Hotels’ long term bank facilities worth Rs 785.60 crore and ‘A3+’ rating to company’s Short term Bank Facilities worth Rs 30 crore. The rating agency has also reaffirmed ‘BBB+’ rating to the company’s Non-Convertible Debenture worth Rs 32.00 crore.
The company has received the said ratings on the back of its experienced & resourceful promoters, long track record of operations in the hospitality business, cash flow management by sale of non-core assets generating funds aggregating Rs 183 crore during FY14 (refers to the period April 01 to March 31) and recent debt management exercise leading to easing of debt repayments in the near term.
The company owns and operates 11 5-star hotels under the brand name, Lalit, at Delhi, Mumbai, Bangalore, Udaipur, Goa, Khajurao, Jaipur, Chandigarh, Kolkata and Srinagar and a spa-cumresort located at Bekal (Kerela).
