The Connaught, a premium hotel in Lutyen’s Delhi, was successfully acquired by Tata’s Indian Hotel Company Limited (IHCL) in an e-auction conducted by the New Delhi Municipal Council (NDMC) on Wednesday. “The successful bidder is the Taj group which will pay 31.80 per cent of the Gross Turn Over (GOT) or Rs 5.868 crore per annum, whichever is higher. This current auction has yielded more than the double revenue that the NDMC was getting from this hotel,” a senior NDMC official said. The licensing rights have been granted for a period of 33 years. The property at 37, Shaheed Bhagat Singh Marg has about 85 rooms, 3 banquet halls and one swimming pool and is situated adjacent to Connaught Place. “The licence fee out of this public property will help in boosting the revenue and financial potential of the NDMC which will help in financing the public projects,” the official added.
Source: ET Realty