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Rediff.com  » Business » DB Realty arm may sell stake in hotel project in Delhi

DB Realty arm may sell stake in hotel project in Delhi

November 21, 2012 19:52 IST

Real estate developer DB Realty on Wednesday said its subsidiary DB Hospitality is looking to sell stake in proposed hotel project at the Delhi International Airport and discussions are undergoing with potential buyers.

In a filing to the BSE, Mumbai-based DB Realty said that DB Hospitality Pvt Ltd (DBHPL), in which the company is holding stake, proposes to develop a plot as the Delhi International Airport's new hospitality district through one of its subsidiary SPV.

"... in order to develop the said project, DBHPL has been exploring various options of missing funds including dilution of stake in the said SPV and for the purpose talks have been going on with various parties and the same shall be intimated as and when the deal is finalised," DB Realty said.

D B Realty's share price today (on Wednesday) went up by nearly 10 per cent to close at Rs 125.20 on BSE amid reports that Bharti Group's realty arm is eyeing stake in this SPV.

DB Hospitality has about 8 acre of land near airport.

DB Realty, however, said that it is not selling Hilton Hotel in Mumbai and Grand Hyatt property in Goa.

Both Hilton Hotel (Mumbai) and Grand Hyatt (Goa) are being operated through the subsidiaries of DBHPL, it added.

Meawhile, Bharti Group spokesperson declined to comment on report that its arm Bharti Realty is buying stake in DB Realty's hospitality project in the national capital.

Image Shahid Balwa, promoter, DB Realty

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