ITC to purchase Park Hyatt Hotel in Goa

ITC won the bid to acquire a Park Hyatt Hotel property in Goa, India. The hotel is owned by Blue Coast Hotels, and had been put up for public auction by IFCI, according to the Economic Times. 

In a filing to BSE, ITC said IFCI was declared the successful bidder for the 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 were put up on sale by IFCI through public auction under the provisions of the securitization and reconstruction of financial assets and enforcement of Security Interest Act, 2002, it added. 

While ITC did not share the financials involved, as per the tender document, the reserve price for the property was set at Rs 542.57 crore. 

Blue Coast Hotels owns Park Hyatt Goa Resort & Spa, a beach resort at Goa, MGM Grand New Delhi, Sheraton Chandigarh and Sheraton Amritsar.