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Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.
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Bankers are hopeful to receive several bids given that the hotel has all its land and construction approvals in place including government licenses to run restaurants and bars. Further, the transfer to the eventual purchaser will be clean as it a court monitored process and so there is no risk of foul play. The banks have until early March to submit their final resolution plans to the National Company Law Tribunal, although the company creditors have said they are willing to extend the resolution timeline if need be.
According to an ET realty report, the banks received six initial proposals. Two bids came from Ahmedabad based hospitality company Sankalp Recreation and Rare Asset Reconstruction Co. D-Mart promoter Radhakishan Damani’s bid via his investment vehicle Bright Star Investments. Others include Rajesh Business & Leisure Hotels, Kolkata based Shri Ram Multicom, Delhi based Unison Hotels and Mumbai-based Rockwood Hotels & Resorts.
The project was launched by Rajesh Business & Leisure Hotels and Singapore-based GHM Hotels in early 2000s and was set to become a 316-room five-star hotel under the “The Chedi’ brand. The structure in located in Kanjurmarg, near Powai in Mumbai. However, the company could not complete the project due to a liquidity crunch. The project was finally marked as a non-performing asset on the books of the banks in 2019.
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