Bidders for ITDC hotels feel that dramatic turnarounds in their financial performance are not possible unless major changes at the management level are made. The estimates for the properties arrived at by ITDC are quite ambitious, they claim.
The government has garnered over Rs 20 crore from the sale of five ITDC properties, all of which were making losses. In addition, it has received a 30-year lease bid of Rs 4.11 crore per year for the Bangalore property, which has been in the red for the last four years.
While the Mamallapuram property is likely to turn around next year, the others are expected to significantly pare their losses, according to ITDC
