Indian Hotels Company’s (IHCL) - offshore wholly owned subsidiary - Samsara Properties, has executed a share sale deed for the divestment of 100% of its shareholding in The Blue Hotel, in Sydney, in favour of Australia Hotels & Properties. The transaction value is A$ 32 million.
The divestment is subject to fulfillment of certain conditions and the transaction is scheduled to be completed by October 31, 2014 as transfer of a going concern. The divestment is being undertaken to focus in markets which are core to Taj Group’s operations and create liquidity to fund the company’s short to medium term fund requirements for its ongoing expansion in such markets.
Australia Hotels & Properties belongs to the Jhunjhnuwala family controlled Hind Hotels & Properties Group. Based out of Hong Kong, the Hind Group owns and operates hotels and serviced apartments under the Ovolo brand.
The Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. IHCL operate in the luxury, premium, mid-market and value segments of the market.
