Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Dharampal Satyapal Group, which owns popular brands like Rajnigandha, Pulse, and Catch, and also has hotels in Jaipur, Guwahati, Nainital, and Jim Corbett, along with the Salarpuria Group, a real estate company based in Kolkata, have submitted proposals for resolving the financial situation of Viceroy Bangalore Hotels Private Limited, which is the owner of the luxury five-star Renaissance Bengaluru Race Course Hotel managed by Marriott.
In August of the previous year, the National Company Law Tribunal’s Hyderabad Bench had initiated the corporate insolvency resolution process for Viceroy Bangalore Hotels Private Limited, which has a debt of approximately Rs 1100 crore. The company’s creditors include Edelweiss Asset Reconstruction Company and Vistra ITCL (India) Limited.
The Renaissance Bengaluru Race Course Hotel is situated in the Central Business District and is approximately 500 meters away from the Bangalore Turf Club. There have been two rounds of bidding for the hotel, which were conducted using the Swiss challenge mechanism.
According to its website, Viceroy Bangalore Hotels had commenced commercial operations of the five-star hotel at Race Course Road 1 in Bangalore under a management contract with Marriott International USA for the Renaissance brand.
The hotel features a total of 277 rooms, including 246 luxuries double bedrooms, 30 suites, and one presidential suite. It also offers all-day dining facilities, specialty restaurants, an executive lounge, a conference hall, a banquet room, a business lounge, a health club, spa, and a swimming pool.
According to sources, the proposed plans were discussed at a committee of creditors meeting last week and the winning bidder is to be announced soon. The company is said to have received significant attention, with over 30 entities expressing their interest in the hotel.
The Dharampal Satyapal Group owns various properties, including The Manu Maharani in Nainital, Namah in Jim Corbett, Natu in Dol, the Radisson Blu hotel in Crowne Plaza in Jaipur Tonk Road, and the Holiday Inn Express at Kolkata airport. Meanwhile, the Salarpuria Group, based in Kolkata, has commercial projects such as the JW Marriott hotel and serviced apartments located off the EM Bypass in Kolkata, the Novotel Hotel & Residences in New Town Kolkata, the Salarpuria Sattva Alaxandria Tech Park in Electronic City Bangalore, and the Salarpuria Sattva Knowledge Court in Bangalore.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
