The Oberoi Palm Beach sold for Rs 10 crore to Mayfair Group
The news in the real estate market in Bhubaneshwar is, the East India Hotels, flagship company The Oberoi Group has sold its 100-year-old hotel property in Orissa to Mayfair Hotels and Resorts, a local hospitality company was owned by the former cabinet minister and industrialist Dilip Ray for the sum of Rs. 10 crores. The property, Oberoi Palm Beach, was bought by Rai Bahadur MS Oberoi in 1947 from an Italian lady.
However, one of the EIH source reported saying that the significant expansion is not possible as the Coastal Regulation Zone restrictions and also because of the high overhead costs.
The Mayfair group now plans to spend nearly Rs 25-30 crore to expand the hotel and add another 15 rooms in it. A spa to the property along with villas will be constructed. Tata Group too are planning an industrial park at Gopalpur with an anchor investor.
Source: The Economic Times
Tags:
Bhubaneshwar, East India Hotels, Gopalpur, Kolkata, Mayfair Hotels and Resorts, Shimla, The anchor investor, The Oberoi Group
Hello , I really loved reading your super blog a long standing friend of mine recommended it so I thought I’d take a look.