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Samsara Properties, an offshore wholly owned subsidiary of The Indian Hotels Company, announced today the execution of a share sale deed for the divestment of 100% of its shareholding in BLUE Sydney, A Taj Hotel, in favour of Australia Hotels & Properties Limited.
The buyer is the Hong Kong based Hind Hotels & Properties Group, which operates hotels and serviced apartments under the Ovolo brand. Subject to fulfilment of certain conditions, the transaction is scheduled to be completed by October 31, 2014. The transaction value is $AUD 32 million (about Rs 180 crore).
The divestment has been undertaken as part of the Taj Group’s strategy to focus on markets which are core to group’s operations, and to create liquidity to fund the company’s ongoing expansion in such markets. Asia Pacific and particularly China have been identified as targets for expansion, a statement from IHCL said.
The property was acquired by the Taj Group in 2006.
Raymond Bickson, Managing Director & Chief Executive Officer, IHCL, said, “We are committed to the sale of BLUE Sydney to its new owners, Hind Hotels & Properties Group. The hotel has a wonderful track record of high occupancy, a stellar list of industry awards and has set new Australian benchmarks for environmental practices. This decision is in line with our Group strategy to focus on key markets for now, that are critical to the Groups operations”
