Embassy Group to acquire Bangalore Four Seasons in Rs 605-cr deal
In a recent announcement, Embassy Group – the developer of Southern IT Park – has revealed that it has efforts underway to acquire India’s second Four Seasons hotel, as well as the Four Seasons branded residences, in Bangalore from the Wall Street bellwether Goldman Sachs.
The acquisition, as per the details shared by Embassy Group, underscores a Rs 605-crore deal, which is likely to come through within one month’s time.
With regard to the deal, Jitu Virwani – Chairman and Managing Director – has revealed that the company has “sorted out” all issues and negotiations related to the Four Seasons acquisition deal with Goldman Sachs on Friday.
Disclosing that the negotiations between Embassy Group and Goldman Sachs had been going on since February this year, Virmani said that – with the issues now having been sorted out – the deal is likely to be closed “in another two to three weeks.”
The latest development with regard to the acquisition of Bangalore Four Seasons comes one week after construction bigwig Shapoorji Pallonji threatened to initiate legal action against Goldman Sachs and Century Real Estate Holdings. The Four Seasons hotel is being jointly developed by Goldman Sachs and Century Real Estate Holdings, and the project is part of a larger lifestyle project called CityView.
Source- The Times of India
Bangalore Four Seasons, Century Real Estate Holdings, Embassy Group, Goldman Sachs, Jitu Virwani
