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Taj Group sells the BLUE hotel, Sydney to the Ovolo Group

Samsara Properties Limited, an offshore wholly owned subsidiary of The Indian Hotels Company Limited, has announced the execution of a share sale deed for the divestment of 100% of its shareholding in BLUE Sydney, A Taj Hotel, in favour of Australia Hotels & Properties Limited.

The buyer is Hong Kong based Hind Hotels & Properties Group, which operates hotels and serviced apartments under the Ovolo brand. Subject to fulfillment of certain conditions, the transaction is scheduled to be completed by 31st October 2014. The transaction value is $AUD 32 million.  

The divestment has been undertaken as part of the Taj Group’s strategy to focus on markets that are core to the Group’s operations, and to help fund the company’s ongoing expansion in such markets. The Asia Pacific region, and particularly China,  has been identified as a target for expansion.  

The sale of BLUE Sydney, A Taj Hotel does not reflect any diminution of the Group’s interest in the Australian market; Australia is the fifth largest market for Taj Hotels Resorts & Palaces, and outbound Australian business remains a high priority for the Group.  

Taj Hotels Resorts and Palaces is proud of its record in managing BLUE Sydney, A Taj Hotel. The property was acquired by the Taj Group in 2006 and has operated with excellent occupancy rates, as well as accumulating a raft of industry awards.

BLUE Sydney, A Taj Hotel has also been a leader in environmental stewardship and sustainable hospitality practices, and in February this year, the hotel was awarded EarthCheck Gold Certification, making it the only hotel property in Australia to have ever achieved gold status.  

Raymond Bickson, Managing Director & Chief Executive Officer of The Indian Hotels Company Limited said “We are committed to the sale of BLUE Sydney to its new owners, Hind Hotels & Properties Group. The hotel has a wonderful track record of high occupancy, a stellar list of industry awards and has set new Australian benchmarks for environmental practices. This decision is in line with our Group strategy to focus on key markets for now, that are critical to the Groups operations”

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