Viceroy Hotels is likely to exit its Chennai hotel project as it has signed an agreement with the Chennai-based Mahal Hotels to sell the project in MRC Nagar. This hotel was to be managed by global chain JW Marriott. With this move, the company plans to focus on the existing projects and thereafter to take up new projects.
This marquee project was under advanced stage of implementation. The Hyderabad-based hospitality chain, had taken up this project with an outlay of about Rs 650 crore. It is looking to restructure its business operations by bringing down debt on its balance sheet. It had initiated a series of measures, including slump sale of Bangalore and Chennai properties.
