Mumbai: Oriental Hotels Limited (OHL), an associate of The Indian Hotels Company Limited (IHCL), announced the sale of The Gateway Hotel Beach Road Visakhapatnam to Varun Group recently.
Pramod Ranjan, MD & CEO, OHL said, “The sale is in synergy with IHCL’s pivotal business strategy, Aspiration 2022, aimed at unlocking higher value from efficiencies through a three-pronged strategy of restructuring, reengineering and reimagining the Company’s portfolio. This sale will bring down OHL’s debt significantly.”
The management and the overall operations of the hotel will continue to be with IHCL while the hotel undergoes extensive renovation and enhancement.
V Prabhu Kishore, Chairman, Varun Group said, “We are delighted to buy The Gateway Hotel Visakhapatnam which is one of the leading hotels in the city. We are happy to partner with IHCL which will continue to manage this hotel for us and we look forward to a fruitful relationship, ensuring the best possible growth for the hotel.”
The hotel is an ideal, sought-after five-star property for business and leisure travellers. It is the perfect seaside retreat with modern amenities and panoramic views of the spectacular Bay of Bengal.