ITC Hotels, on Wednesday announced the successful acquisition of Park Hyatt Goa Resort and Spa, Cansaulim.
The acquisition for Rs 541 crore is a part of an auction held by Industrial Finance Corporation of India (IFCI) in 2015, and upheld by the Supreme Court in its March 19 judgement, said a company release.
The 252 room, Park Hyatt Goa Resort is a beachside property spread across 45 acres. The sprawling property is currently under minor renovation to comply with all the ITCs practices in various hotels.
Commenting on the chains entry into Goa, Nakul Anand, executive director, said, “ITC is pleased to announce the latest addition to its luxury hotel portfolio in the hospitality landscape of Goa. This has been a long-awaited destination for ITC and we welcome the opportunity to be integrated into the multi-faceted culture and ethos of Goa.”
He further added, “The addition is aligned with ITCs vision of offering world-class Indian hospitality premised on the service philosophy of Atithi Devo Bhava. In order to ensure business continuity and seamless transition, the leadership team of ITC Hotels is at hand to support the current team of managers and associates. ITC Hotels has received tremendous support from key officials in the state government to ensure that we can recommence operations at the earliest and support the tourism goals of this great state.”
ITC Hotels is one of Indias leading luxury hotel chain, with a collection of more than 100 hotels in over 70 destinations. The company operates its hotels under four distinct brands- ITC Hotel at the luxury end, WelcomHotel in the 5 star segment, Fortune in the mid-market to upscale segment and WelcomHeritage in the heritage leisure segment.