In New Dehli, The Claridges hotel is on the market, and may command a price of more than Rs 1,500 crore.
At least two potential buyers have approached the Claridges Group (the hotel's owning company) both directly and through intermediaries. The potential buyers include a Mumbai-based family and a luxury hotel chain. An insider told the Economic Times that the family does not currently own any property in New Delhi. Another source told the paper that the Claridges Group has held talks with "a leading Southeast Asian luxury hotel brand to sell the hotel," and that the potential buyer had expressed interest in commencing due diligence in pursuit of a deal.
The property's value, one source said, was based on the potential for redevelopment. A new owner may be able to raise a new building that is taller than the current two-story structure, although the paper notes that regulations in the area tend to restrict tall buildings.