Viceroy Hotels is reportedly planning to sell its entire 40% stake in the upcoming Renaissance Hotel in Bangalore for around Rs 100 crore as it struggles to fund the project. The developer has been unable to fund the project due to lack of resources and inability to follow through on the project investment timelines.
JP Morgan Fund holds 60% stake in the 277-room hotel project overlooking the landmark Racecourse in Bangalore, which would be managed by the Marriott International under its Renaissance brand.
Viceroy Hotels, previously known as Palace Heights Hotels (PHHL) was incorporated in 1965. It operates a stately hotel -- Hotel Viceroy -- at Gandhi Nagar in Hyderabad.
