Country Club buys Dubai luxury hotel
Leisure company Country Club India Ltd (CCIL) acquires Chelsea Hotel belonging to the Chelsea Group for 165 million AED (Rs 175 crore). HT Correspondent reports.business Updated: May 08, 2008 00:09 IST
Leisure company Country Club India Ltd (CCIL) has announced the acquisition an existing boutique luxury hotel in Emirate of Dubai for 165 million AED (Rs 175 crore). The hotel called Chelsea Hotel belonging to the Chelsea Group is centrally located 15 minutes from the airport and houses over 100 rooms.
CCIL Chairman Y Rajeev Reddy in a statement said that the acquisition was a part of a strategic Rs 1000 crore expansion plan undertaken by the company.
The Chelsea Hotel includes Player’s Bar – an European Sports Bar which has the state-of-the-art technology to transport you into the stadium and is the meeting point for die-hard sports fans, Aqua Bar – A classy lounge, Quershi – An authentic Indian restaurant. It also has additional amenities like a Health Club, Beauty Parlour, Swimming Pool and a Business Center.
CCIL is also looking at other international locations with a large Asian diaspora. The company recently completed Rs 486 crore GDR/QIP issue. The GDR/QIP issue was priced at Rs 770 per share. Leading global investment institutions such as Fidelity Investment International picked up 9.88% equity in the company, while Goldman Sachs International and New Vernon picked up 6.59 per cent and 4.94 per cent equity respectively, the statement added.