The UK-based Lebara Group has acquired a property in Chennai, which will be managed as a four-star hotel by the Indian Hotels Company. The 190-room under-construction hotel will be managed by the Taj Group of hotels under the Gateway brand. Located on the Old Mahabalipuram Road, in the south of Chennai, the hotel was previously owned by RAS Adyar Hotel Limited.
An executive from a hotel consultancy firm said the deal size is pegged at US$199.6 million to 219.9 million (INR975-1,074 crore), but the buyers refused to give details. A report by Economic Times stated that, “Lebara can confirm that its shareholders have bought a hotel in Chennai and have personally invested in this hotel project. Once complete, the hotel will be operated under the Gateway brand of Taj Hotels”.
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