INDIA BUSINESS WORLD - NOVEMBER 16^th - NOVEMBER 30^th - 2007

ICON HOSPITALITY BUYS HOTEL ROYAL ORCHID CENTRAL FOR RS. 82CR

Icon Hospitality, a subsidiary of Bangalore-headquartered Royal Orchid Hotels, has acquired Hotel Royal Orchid Central for a consideration of Rs 82 crore. Icon Hospitality had leased the property since 2003 and decided to effect a buyout so as to better control the product offering, Royal Orchid Hotels chairman and managing director Chender Baljee told mediapersons here. He said the 130-room hotel had recently been refurbished at a cost of Rs. 15 crore. Royal Orchid, currently, operates nine hotels in Bangalore, Mysore, Pune, Jaipur and Hyderabad with a total of 800 rooms while five projects are under development.