Indian Hotels puts Sydney property on sale

In an effort to reduce its debt load, Indian Hotels (IHCL) has reportedly put its only property in Australia, called the Blue Sydney, on the block. IHCL reportedly did receive an offer for the Sydney hotel, which IHCL examined but it did not materialize.

Blue Sydney is a 100-room luxury hotel in Sydney’s Wharf Area. It was purchased by IHCL in December 2005 for AUS36 million dollars. But the hotel has not been revenue-producing. In 2013, the property made a net loss of net loss Rs 2.17 crore on a total income of Rs 55.79 crore.

IHCL had also written down the value of its long-term overseas investments in Taj International Hotels Limited by 592 crore rupees during the year.

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Overseas investor concern also prompted Tata to pull the plug on its $1.2-billion bid to acquire Orient Express Hotels.

IHCL has with 22 resorts worldwide.

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