By Accommodation Times Bureau
Tata’s Indian Hotel Company Limited (IHCL) acquired Connaught hotel in Lutyen’s Delhi, during an online auction.
The online auction was carried out by New Delhi Municipal Council (NDMC) on Wednesday.
The property consists of 3 banquet halls, 85 rooms and one swimming pool.
According to a Senior NDMC official, “The successful bidder is the Taj group which will pay 31.80 per cent of the Gross Turn Over (GOT) or Rs 5.868 crore per annum, whichever is higher. This current auction has produced more than the double revenue that the NDMC was getting from this hotel.”
For 33 years, the authority has allowed the licensing rights.
In 2015, the authority had sealed Asian Hotel and The Connaught because dues of license fees and last year it decided to auction The Connaught and re-auction Asian Hotel.
The Indian Hotels Company (IHCL) and its subsidiaries, collectively known as Taj Group, is one of Asia’s largest and finest group of hotels. Incorporated by the founder of the Tata group, Jamsetji Tata, the company opened its first property, the Taj Mahal Palace, in Bombay in 1903.