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Unitech sells Gurgaon hotel for Rs 231 cr

Source: PTI
April 17, 2009 17:10 IST
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Unitech Ltd, the country's second largest developer, on Friday said it has sold out a hotel in Gurgaon for Rs 231 crore (Rs 2.31 billion) and is in advance stages of talks for selling out an office complex in the national capital.

The company has also signed MoUs for sale of school plots in Gurgaon and another realty project in Kochi.

In a presentation to the investors, Unitech said that Marriott Courtyard hotel, comprising 199 rooms, in Gurgaon has been sold out for Rs 231 crore to a high networth individual based out of Delhi.

Unitech, which raised $325 million to retire part of its Rs 8,400-crore (Rs 84 billion) debt, plans to sell four more hotels in Noida, Kolkata and Gurgaon within six months. It is also expecting "induction of private equity at project level".

The company is also expecting to close a deal to sell out its Saket office complex, comprising 2.2 lakh sq ft, in the current quarter.

As part of its strategy to deal with the slowdown in the realty sector, Unitech is monetising its non-core assets by "deleveraging through sale of assets like hotels, offices and infusion of private equity at individual project level".

The sale of non-core assets are expected to contribute to cash flow of the company. It said that its sales have dipped to an all-time low because of slowdown in property market.

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