This Article is From Jan 16, 2014

Unitech in talks to sell 2 NCR hotels for Rs 600 crore: report

New Delhi:

Real estate major Unitech plans to sell its two hotels in Noida and Gurgaon for an estimated Rs 600 crore as part of its strategy to divest commercial properties, according to sources.

The company has decided to sell two hotels and it is in talks with the potential buyers, they said.

Unitech has an operational hotel in Gurgaon comprising 200 rooms, while it is constructing a 250-room hotel in Noida.

"Unitech has put Gurgaon and Noida hotels on the block. Hotel sales can fetch about Rs 600 crore," one of the sources said, adding that transactions are likely to be completed by end of this fiscal year (FY14).

When contacted, Unitech spokesperson declined to comment. In 2009, Unitech had sold its prime office complex at South Delhi for over Rs 500 crore and also a budget hotel in Gurgaon for about Rs 200 crore.

Shares in Unitech, on Wednesday, ended at Rs 14.10 apiece on the BSE, up 5.22 per cent from the previous close.

Apart from these two hotels, Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore.

Unitech is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft. UCP holds 60 per cent in this project, while Unitech has the remaining stake.

It is also in talks to sell some land parcels in its townships in South India estimated at around Rs 400 crore.