The GMR Group plans to sell its stake in GMR Hotels & Resorts, which owns Novotel Hyderabad Airport hotel close to the Rajiv Gandhi International Airport.
The diversified GMR Group invited expression of interest from proposed buyers, with a floor price of ₹215 crore as the enterprise value for GMR Hotels & Resorts.
The group has been divesting some of the matured assets as it seeks to reduce the overall debt. Working towards its “Asset Light, Asset Right” strategy, it has in the past 12-18 months divested stake in a couple of road projects, an airport project overseas and a power project, while also increasing its stake in the Delhi International Airport.
A company official said, “The offer comes after complying with the objections raised by the Government representative who is on the Board.”
The five-star property has been serving as a transit hotel for the past few years since its completion.
GMR tried to sell the hotel, managed by the Accor Group, about a year ago. The newly-elected Telangana Government had raised objections and wanted the process to be conducted in a transparent manner with proper price discovery. The company received bids from InterGlobe, Sea Valley Resorts and Samhi Hotel Group.