Hotel Searock To Be Resurrected With International Branding By Claridges Group

Savio Rodrigues - Mumbai

The litigation around the 410-room Hotel Searock is now a thing of the past. The ownership dispute has been resolved with control firmly in the hands of the Nanda-owned Claridges Group and the hotel is now all set to be resurrected with international branding.

Revealing, this exclusively to Express Travel & Tourism. Sanjeev Nanda, managing director of Claridges Hotels & Resorts, said, "We are looking at an international branding for the property and are currently in talks with leading international hotel companies for either a management or a franchise agreement."

With this, all ownership disputes stand resolved and the Claridges Hotels & Resorts gains 100 per cent ownership of this prestigious property. Our vision is to relaunch Hotel Searock as a landmark luxury hotel. This major acquisition also substantially expands our footprint into India's most lucrative market, Sanjeev further added.

While the Nanda's are tight-lipped about their forthcoming international alliance, the industry is rife with speculation and informed sources reveal that the group is in firm negotiations with two of South East Asia's leading premium hotel brands.

This settlement was arrived at after both The Claridges Hotels & Resorts and Vikas Oberoi owned Skydeck Properties jointly filed consent terms at the Mumbai High Court, under which Skydeck was added on as a party to the suit and it was agreed that Skydeck would nominate an enterprise value for 100 per cent ownership of Sea Rock. The Claridges Hotels and Resorts would then have the option to buy the remaining 30 per cent stake or sell its current 70 per cent stake. The Searock hotel was valued at Rs 450 crore. Following which, Claridges bought out Skydeck share for Rs 135 crore.

With this settlement, the expansion plan of the Claridges Group will move into top gear, from two anchor properties in New Delhi and Mumbai, to more properties across India. The Claridges group is actively considering properties in Bangalore and other locations for future expansion.