ITC wins bid for Park Hyatt Hotel Goa

Diversified group ITC has won the bid to acquire Park Hyatt Hotel property in Goa owned by Blue Coast Hotels that had been put up for public auction by IFCI Ltd.
In a filing to BSE, ITC said IFCI Ltd had informed today that it has been declared as the highest/successful bidder for Park Hyatt Hotel located at Cansaulim, Goa along with land and built up area of the hotel together with all buildings and structures and plant and machineries.
The aforesaid assets of Blue Coast Hotels Ltd were put up on sale by IFCI Ltd through public auction under the provisions of the securitisation and reconstruction of financial assets and enforcement of Security Interest Act, 2002, it added.

While ITC did not share the financials invloved, as per the tender document, the reserve price for the property was set at Rs 542.57 crore.
Blue Coast Hotels Ltd owns Park Hyatt Goa Resort & Spa, a five Star deluxe beach resort at Goa, MGM Grand New Delhi, Sheraton Chandigarh and Sheraton Amritsar.
Shares of ITC Ltd today clsoed at Rs 390.15 per scrip on BSE, down 1.45 per cent from previous close.