Samsara Properties, the wholly-owned offshore subsidiary of The Indian Hotels Company (IHCL), on Thursday said that it has divested its shareholding in Blue Sydney, A Taj Hotel, to Hong Kong-based Hind Hotels & Properties Group for about A$32 million, or about R180 crore.
“The divestment has been undertaken as part of the Taj Group’s strategy to focus on markets which are core to the group’s operations, and to create liquidity to fund the company’s ongoing expansion in such markets,” IHCL said in a release.
“Asia Pacific and particularly China have been identified as targets for expansion,” it added. IHCL expects to close the Blue Sydney transaction by October 31, 2104.
The Taj Group of Hotels, which acquired Blue Sydney in 2006, also added in the release that the sale of its Australian property does not lesses the group’s interest in the Australian market.
“Australia is the fifth-largest source market for Taj Hotels Resorts & Palaces, and outbound Australian business in particular remains a high priority for the Group.”