ICRA reaffirms rating of Asian Hotels’ (West) bank facilities

Credit rating agency, ICRA has reaffirmed the long-term rating assigned to the Rs 93.25 crore (reduced from Rs 100 crore), Non-Convertible Debenture Programme of Asian Hotels (West) at BBB+. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. The outlook on the rating continues to be stable.

The rating continues to derive strength from the company’s established operations in the premium hotel segment; favourable location of its property in proximity to Mumbai international airport and key commercial areas of North Mumbai; and its strong brand image because of association with Hyatt International Corporation (HIC), which provides it access to its global marketing and reservation systems.

Asian Hotels (West) owns and operates hotels. The company was formerly known as Chillwinds Hotels and changed its name to Asian Hotels (West) in February, 2010.