Hyderabad-based hospitality chain Viceroy Hotels Ltd has concluded a deal to sell its projects in Chennai, including a 350-room JW Marriott hotel still under construction, to Ceebros Hotels Pvt. Ltd for Rs.480 crore, Live Mint reports.
The company decided in May to sell its Chennai projects to Ceebros, a Chennai-based property developer which operates two hotels projects in the city under the brand name Raintree Hotels.
Viceroy Hotels has been in the process of reducing its debt by selling stakes in projects in Chennai and Hyderabad. It had a debt of Rs.500 crore as of 31 March 2012.
It struck a deal last year to sell the hotel project to Mahal Hotel Pvt. Ltd while the residential project was to be sold to Esteem Housing Developers Pvt. Ltd for a total of Rs.500 crore, but it fell through.