GL Hotels, owners of the famous Hotel Natraj in Marine Drive, Mumbai has entered into a equity tie-up with Inter-Continental Hotels Corporation (IHC) of Delware, USA and also a management and marketing agreement with Bass Hotels & Resorts India, an affiliate of IHC.
The board is meeting on August 31, to offer and to issue 8,77,047 equity shares of Rs 10 each at a premium on preferential basis to IHC or any of its subsidiaries. Ravi Ghai, chairman and managing director of GL Hotels could not be reached for comments.
The company reported a net sales of Rs 8.51 million for the first quarter ended June 30, 2001. Its total income stood at Rs 8.78 million in the same period.
The company had demolished Hotel Natraj and has reconstructed a new hotel in the same premises. The major structural work of the reconstruction plan has been duly completed. Internal planning and designing work are in progress. The project is making steady progress and is expected to complete by end of this year.
The parent company of Inter-Continental Hotels Corporation is Six Continents Hotels Plc. Six Continents Hotels owns, operates and or franchises more than 3,000 hotels and over 490,000 guest rooms in close to 100 countries and territories.
Apart from Inter-Continental Hotels & Resorts, the company's brands are Crowne Plaza, Holiday Inn Hotels and Resorts, Holiday Inn Express and Staybridge Suites by Holiday Inn.
Six Continents Hotels' annual gross revenue in 2000 stood at $ 2.5 billion, up by 30 per cent compared with $ 1.9 billion in 1999. The company reported a operating profit of $584 million in 2000.
