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Home Markets News Industry Small Biz Politics Wealth MF Tech. Jobs Opinion Blogs NRI Magazines Slideshows ET NOW ET Speed ET Portfolio. NIFTY 50 9, Select Portfolio and Asset Combination for Display on Market Band. Download ET MARKETS APP. Drag according to your convenience. Damani's Derive Trading Pvt Ltd has acquired the room property is owned by Pune-based real estate developer Phadnis Group for Rs crore.
Mr Damani was interested in buying it and we initiated the discussions three months back," Vinay Phadnis, chairman and managing director at Phadnis Group, told ET. He said the property stock market guru india continue to be managed by the Carlson Rezidor Hotel Group under its upscale Radisson Blu brand.
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Damani — a low-profile but ace stock market investor — did not respond to an email query sent by ET as of press time Wednesday. Industry watchers now expect several such deals in the space as more than 80 hotels ranging from mid-market to premium are estimated to be up for grabs.
Phadnis said the decision to sell the Alibaug hotel was part of the group's plan to focus on its real estate business. Phadnis Group also excel vba function with optional parameters three star hotel Sahil Sarovar Portico in Lonavala, a hill station in Maharashtra.
The Group has interests in real estate, infrastructure and hospitality. Its Alibaug hotel was built in at a cost of Rs crore. Hospitality consultants said this deal was in line with current market prices.
In the last few years, the hospitality industry in the country had been impacted by the overall slowdown in economy coupled with asudden rise in inventory in several key cities. While many hotel owners wanted to sell their properties, the valuations then were based on the real estate and inflationand they failed to attract buyers.
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The last concluded deal in the hotel industry is ITC 's acquisition of luxury Park Hyatt hotel in Goa through an auction at Rs crore. However industry experts say this deal happened below the market value of the asset.
Comments 0 Add Comments. Stock market guru Radhakishan Damani buys Radisson Blu Alibaug for Rs crore. Fill in your details: Will be displayed Will not be displayed Will be displayed. READ MORE ON real estate Radisson Blu Alibaug Radhakishan Damani JLL India ITC Inflation Derive Trading Pvt Ltd. Stay on top of business news with The Economic Times App. One step away from a Cancer Free Life!
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