Supertech to sell 2 hotels for around Rs 250 cr
Realty firm Supertech Ltd plans to sell its two hotels in Uttar Pradesh and Uttarakhand for an estimated Rs 250 crore as part of its strategy to monetise commercial assets and boost cash flow in the company. The Noida-based firm has decided to sell Country Inn hotel in Meerut having 85 keys and Radisson hotel in Rudrapur that has 124 keys, its Chairman R K Arora said.
“We have decided to monetise two hotels outside Delhi-NCR to improve liquidity in the company,” he told PTI. Both the hotels are 100 per cent owned by the company.
Asked about the expected deal value of these two hotels, Arora said the company would appoint consultants for valuation of these two assets. Apart from these two hotels, Supertech has three small hotels in Noida, Haridwar and Meerut and these are managed by the company itself. Arora said the company is also looking at raising funds through lease rent discounting (LRD) against its 4.5 lakh sq ft mall in Haridwar and a 3 lakh sq ft mall in Meerut.
“We are focusing on completing all our existing projects. We require funds for construction,” Arora said.
Supertech has recently raised around Rs 800 crore from Altico Capital and L&T Finance to complete ongoing projects. The company has more than 30 ongoing projects, primarily in Delhi-NCR. Besides its own projects, the company has decided to take up stuck projects of other builders and has tied up with Gold Souk to develop a housing project in Gurgaon with expected sales revenue of Rs 200 crore. It is in talks with three other local builders to add more projects in its portfolio, the company’s managing director Mohit Arora had said earlier.
“There are lot of distressed real estate projects in Delhi-NCR because of slowdown in the property market. We have decided to take up such stuck projects and grow our business,” Arora had said.