Hotels Sector

Hotel Leelaventure buyback FCCBs worth 50 million dollar

Hotel Leelaventure,Hotel Leelaventure, one of the leading players in the Indian hospitality industry, has bought back nearly 50 million dollars foreign currency convertible bonds (FCCBs) at discount price from the international markets.

The company stated in a release, that till March 31, 2009, the company has bought back and cancelled FCCBs worth $33 million, constituting 33 per cent of its $100 million bonds due in April 2012.

Similarly, the company has also bought back FCCBs worth Euro 12.20 million (about $16.53 million), which constitutes 23.7 per cent of the Euro 51.40 million bonds due in September 2010.

Leela's Gurgaon, Udaipur projects late

Parsvnath Hotels gets ‘5 Star Category Project approval’ from Tourism Ministry

Parsvnath Hotels gets ‘5 Star Category Project approval’ from Tourism Ministry Parsvnath Hotels Ltd. a subsidiary of Parsvnath Developers Limited (PDL), India's leading real estate and Infrastructure Company, has received 5 star category project approval from Ministry of Tourism, Government of India for its hotel project, situated at Hyderabad.

The project spread over an area of approximately 11063.68 sq. meters area would offer a judicious blend of Shopping Mall, Office Complexes and a Five Star category Hotel.

BSEL Infrastructure sells stake in hotel project

BSEL Infrastructure sells stake in hotel projectBSEL Infrastructure Realty Ltd has sold its stakes in BW Highway Star Hotel project at Balewadi, Pune. The firm had 17 percent stake in BW project and it has informed the Bombay Stock Exchange about sell out.

1,058,824 shares of face value Rs 10 each has been sold to Kamat Hotels (India) for Rs 79,411,800 while remaining 941,176 shares to Unity Realty and Developers
(subsidiary of Unity Infraprojects) for Rs 70,588,200.

Experts believe that ongoing global financial crisis is a major cause that prompted BSEL Infrastructure Realty Ltd to get out of the project.

SBI acquires 19.7% stake in Mayfair Hotels & Resorts

SBI acquires 19.7% stake in Mayfair Hotels & ResortsThe State Bank of India (SBI), the largest bank in the country, has picked up 19.7 per cent equity in Orissa-based Mayfair Hotels and Resorts (MHRL) through a private equity (PE) deal, for an undisclosed sum.

The group currently has four hotels in the state and plans to use the funds to expand organically and geographically.

The deal was for 37.33 lakh shares with a face value of Rs 10 each. Post-deal, the promoters' share will be 80 per cent.

Dubai hotel offers free food for the jobless

Dubai hotel offers free food for the joblessDubai - A Dubai hotel is trying to ease the pain of the global financial crisis by offering free dinners for laid-off workers, media in the United Arab Emirates reported.

The three-star Arabian Park hotel is offering its free dinners from December 15 until January 15 to locals and foreigners who can prove they were fired.

"(The scheme is) to remind people of our value for money," the hotel general manager Mark Lee told the Gulf News.

The city, best known for its gleaming skyscrapers and man-made islands, is often compared to Las Vegas.