Oriental Hotels, an associate of Tata group firm Indian Hotels Company (IHCL) has sold its Gateway Hotel Beach Road, Visakhapatnam to Varun Group for an undisclosed amount. IHCL will continue with the management and the overall operations of the hotel, while the hotel undergoes extensive renovation and enhancement.
The transaction is in synergy with IHCL's pivotal business strategy, aspiration 2022, aimed at unlocking higher value from efficiencies through a three-pronged strategy of restructuring, reengineering and reimagining the company's portfolio.
Oriental Hotels is an India-based holding company. The company is engaged in the business of hoteliering, including accommodation, restaurants and catering services.
