Actor Mr. Sanjay Khan
has sold his hotel in Bangalore to a consortium led by Delhi-based real estate
company Nimbus Group for about Rs. 120 crore.
The 5 star deluxe
property Golden Palms Hotel and SPA spread above 14 acres on Tumkur Road,
Bangalore, was set up over a decade back and has 150 rooms. It also has a SPA, restaurants
& bars spread over 75,000 square feeet.
Mr. Sanjay Khan
confirmed the transaction. But refused to share details.
Mr. Bipin Agarwal,
MD, Nimbus group, said, '' A consortium of 6 firms has picked up 100% stake in
Golden Palms and has also taken on a liability of Rs. 70 crore attached to the
property.
Nimbus India, the
non-banking financial arm of Nimbus Group, will hold 10% stake in the property
while Industrial Investment Trust (IITL) holds 25 per cent. Other investors include Gupta Finvest, Urvashi
Finvest, and NN Financial Cervices. Nimbus holds 15% stake in IITL.Golden Palms
will help us to leverage on the brand name & operate hotels under the same
name. We are targeting to operate 50 hotels over the next 3 years.".
Nimbus Projects, the
real estate arm of the Group has signed or / is operating properties in
Mussoorie, Chandigarh, Goa, Himachal Pradesh, Pune, Delhi & Bangalore in the 3 and 4 star categories.
Actor Mr. Sanjay Khan, who owns about 17 acres of land around his farm in
Bangalore, recently entered into a joint venture (JV) with Godrej Properties to
develop one of the plots. This land is owned by Khans real estate firm Esskay
Properties. We are looking to jointly develop a plot with Godrej Properties and
will also take up development of other parcels under Esskay Properties, says
Khan.
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| Actor Mr. Sanjay Khan |
In the joint
venture,Godrej Properties will hold 70 per cent stake in the proposed project.
The upcoming property will have 7.9 lakh square feet of saleable area.The
details of the projects are yet to be finalised.
Godrej Properties
recently entered into a JV with Mr. Sanjay Khans nephew Mr. Fardeen Khan and
his sister Ms. Laila to develop a premium residential property on the outskirts
of Bangalore. The Khan siblings hold 37 per cent stake in the project, which is
coming up on a 12 acre plot & will have 87 villas costing upwards of Rs. 2
crore each. A few months back, Dutch pension fund manager APG & SparInvest
Property Investors, along with Godrej Properties, created a Rs. 770 crore
residential development fund, which will invest in residential developments
across Mumbai,the National Capital Region (NCR) & Bangalore.
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