Real estate builders are selling Hotels to reduce Debt
Real estate builders like DB Group, DLF, Eros, Leela and Royal Orchid Hotels are planning to sell their hotels to reduce the debt amount.
The companies had taken a huge debt while expanding business a few years ago. As the market is slowing down, the debt amount has mounded.
Hence to come out from the debt burden, the companies are looking for buyers for their non core assets.
DLF is planning to sell the luxurious hotels under Aman resort to gain an amount of Rs 2000 crore to Rs 2500 crore.
Leela hotels also planning to sell its new Chennai property as it already have a debt amount of Rs 4000 crore.
Royal Orchid hotels also sold one of its properties in Ahmedabad and now its debt amount has been reduced to Rs 225 crore.
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Source : Economic Times
Chennai property, debt amount, DLF, hotels in Ahmedabad, Leela, Properties in Ahmedabad, real estate builders, Royal Orchid
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[...] Real estate builders are selling Hotels to reduce Debt [...]