Royal Orchid Hotels Ltd recently revealed that it sold a hotel property in Ahmedabad to Gurgaon-based investment firm SAMHI Hotels Private Ltd for Rs 67 crore.
“We have sold the Ahmedabad hotel to SAMHI for around Rs 67 Crore in order to reduce debt. The deal is part of a restructuring plan wherein we will focus more on management contracts than ownership,” said Chander Baljee, Chairman and Managing Director, Royal Orchid Hotels. Baljee, however, said Royal Orchid would still continue to manage the Ahmedabad property after the sale. SAMHI is a hotel development and investment company, which in partnership with Chicago-based Equity International (EI), Marriott International and GTI Capital Group.