The long-drawn litigation over the acquisition of the 410 room property at Lands End, Bandra, settled by mutual consent at the Bombay High Court , with Claridges Hotels and Resorts buying the remaining 30 percent stake of the S.B. Luthria group at a valuation of Rs 132 crore.
The sale might revive Searocks fortunes, "the last great hotel property" in Mumbai which was a part of the 1993 serial bomb blasts in Mumbai and had led to a prolonged shutdown. Subsequently, the Taj Lands End came up across Searock, capturing the luxury hotel market in the area.
On March 18, 2005, Claridges Hotels and Resorts had purchased 70 percent equity stake of Searock Hotel from owners of the seafront property, U.B. Luthria and Girdharilal Luthria, for Rs 135 crore, while the other partner, S.B. Luthria, had sold his stake to Skydeck Properties, owned by Vicky Oberoi. Both Claridges and Skydeck agreed under which Skydeck would nominate an enterprise value for 100 per cent ownership of Searock.
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| Posted : 9/14/2005 |
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