Dharampal Satyapal Group, Salarpuria Group submit resolution plans for Viceroy Bangalore Hotels, ET RealEstate

June 23, 2023

Dharampal Satyapal Group, owner of brands such as Rajnigandha, Pulse and Catch, that also operates in the hospitality sector with hotels in Jaipur, Guwahati, Nainital and Jim Corbett; and Kolkata based real estate player Salarpuria Group have submitted resolution plans for Viceroy Bangalore Hotels Private Limited that owns Marriott’s five-star Renaissance Bengaluru Race Course hotel.

The National Company Law Tribunal, Hyderabad Bench ordered the commencement of a corporate insolvency resolution process of the Viceroy Bangalore Hotels Private Limited in August last year.

Viceroy has a debt of around Rs 1100 crore and Edelweiss Asset Reconstruction Company is the creditor to the company besides Vistra ITCL (India) Limited.

Dharampal Satyapal Group and Salarpuria Group did not respond to requests for comment. The interim resolution professional Kuresh Hatim Khambati declined to comment.

Renaissance Bengaluru Race Course Hotel is located in the Central Business District and is 500 meters away from the Bangalore Turf Club.

“Two rounds of bidding have taken place and bids were put under the Swiss challenge mechanism. The plans were discussed at a committee of creditors meeting on Thursday and the name of the winning bidder should be finalised soon,” a source familiar with the matter said.

As per its website, Viceroy Bangalore Hotels had started commercial operations of the five star hotel at Race Course Loop Lane in Bangalore as per the management contract signed with Marriott International USA for the Renaissance brand. The hotel has 277 rooms comprising 246 luxury double bed rooms, 30 suites, and one presidential suite, all day dining facilities, speciality restaurants, an executive lounge, a conference hall, a banquet room, a business lounge, a health club, spa and a swimming pool.

People familiar with the matter said the company had evinced high interest and had received expression of interest from over 30 entities.

The Dharampal Satyapal Group has properties such as The Manu Maharani Nainital; Namah, Jim Corbett National Park; the Radisson Blu hotel in Guwahati and Crowne Plaza Jaipur Tonk Road and the Holiday Inn Express Kolkata airport in its portfolio.

Commercial projects of Kolkata based Salarpuria Group include five-star hotel JW Marriott and serviced apartments right off the EM Bypass in Kolkata; the Novotel Hotel & Residences at New Town Kolkata; Salarpuria Sattva Alaxandria Tech Park in Electronic City Bangalore; and the Salarpuria Sattva Knowledge Court in Whitefield Bangalore.

  • Published On Apr 7, 2023 at 07:00 PM IST

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