Samsara Properties, an offshore wholly owned subsidiary of The Indian Hotels Company Limited, has sold The Blue Hotel in Sydney, Australia to Hong Kong’s Hind Hotels & Properties Group, which operates the Ovolo brand, for a reported $30 million.
The deal for 100 percent of the property was agreed in late June 2014, and the transaction is expected to be completed by by the end of October, at which time the property will be rebranded as an Ovolo.
Taj said the divestment forms part of its strategy "to focus on markets which are core to group’s operations." Asia, and particularly China, have been identified as key targets for the group’s expansion, as seen by the recent launch of a Vivanta by Taj hotel in Malaysia.
"We are committed to the sale of Blue Sydney to its new owners, Hind Hotels & Properties Group," said Raymond Bickson, managing director & CEO. "The hotel has a wonderful track record of high occupancy, a stellar list of industry awards and has set new Australian benchmarks for environmental practices. This decision is in line with our group strategy to focus on key markets for now, that are critical to the group’s operations."