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The taj mahal hotel group will sell some budget hotel assets to cut debt

Date: 2019-08-12

By India's Tata Group (Group) holding the luxury hotel chain Group is seeking to sell some assets in order to avoid has a new property, in order to further reduce its debt.The group is preparing for a sharp drop in consumer spending.

Hotel companies in India (ipl) Hotels Company managing director and chief executive of Puneet Chhatwal said in an interview, the Company plans to sell India some budget Hotels of metropolitan areas, and with a fee to rent them back.

Chhatwal said: "we are turning their attention to more management contracts, rather than to build our own hotel.We have no sales and lease of our major and flagship hotel plan."

The headquarters is located in mumbai, company take measures to cut costs and debt, as Asia's third-largest economy growth has fallen to their lowest level in 5 years, and lingering shadow banking crisis dampened discretionary spending.Japan's biggest carmaker, Suzuki India (Maruti Suzuki India) released in July since July 2012 the worst slump in sales.In addition to slowing growth, Jet Airways India company Jet Airways (India) grounded and the impact of India's hotel company, forced the cancellation of some of the costs.

The chain company in the UK runs New York's Pierre and St James's Court (Pierre and st. James Court) in the past few years, tata has been selling assets, including for tata executives to purchase apartments, in order to reduce debt.According to the hotel company's data, by the end of march, combined with a $282 million net debt (20 billion rupees), less than two years ago is as high as $439 million (31 billion rupees) levels.

Neil malbun Securities (Nirmal Bang Securities analyst (response, said by telephone, in addition to control costs and divest non-core assets, the company will also focus on an "asset light" mode.Bloomberg data compiled for the company of all 12 brokerages to buy rating on the stock.

The nation's largest conglomerate cut lending efforts, as well as the part of a broader effort.Jaguar Land Rover, Jaguar Land Rover), owner of Tata Motors (Tata Motors), has said it is find a way out for the troubled British luxury brands.Tata steel is the restructuring its European operations.

Chhatwal said, hotel operators are on target to property ownership in 2022 from the current 70% to 50%.He said the sale and leaseback program including the group's Ginger budget brand as many as 6 hotels, as well as by joint ventures and associated companies held a similar number of the hotel.