ITC Hotels Acquires Park Hyatt Goa Resort and Spa
ITC Hotels declared the successful procurement of Pak Hyatt Goa Resort on Wednesday. Quoting the highest bid, ITC offered to pay INR 541 crore for the Goa property. The auction took place in 2015 and was conducted by IFCI. However, the Bombay High Court eventually struck down the deal following an appeal by Blue Coast Hotels, the original owner of the Park Hyatt Goa. The appeal was filed against the lender IFCI’s plan to sell the property to ITC.
The order of the Bombay High Court, however, was outvoted by the Supreme Court. The sale was espoused in March this year.
ITC issued a press statement on Wednesday stating that the ITC Hotels is all geared up for the upcoming tourist season and festivals. It also mentioned that business continuity remains the top priority for the company.
In order to comply with the sustainability practices, ITC will be making minor reservations in the 252-room beachside property, nestled at the Cansaulim beach. The property will boast off the company’s luxury hotels brand tag – ‘ITC Hotels’. There are as of now 12 hotels in that segment.
Nakul Anand, Executive Director, ITC informed that the Park Hyatt Goa was much-anticipated destination for ITC. They are happy to welcome the golden chance to be integrated into the multi-faceted ethos and culture of Goa. The Goan property has been renamed as ‘ITC Grand Goa’ and will be operational from November 1, 2018.
ITC hotels are operated under four brands – WelcomHotel in the 5-star segment, ITC Hotel at the luxury end, WelcomHeritage in the heritage leisure segment and Fortune in the mid-market to upscale segment. Currently, the company owns more than 100 hotels in over 70 destinations.