Yes Bank takes possession of Hotel Hyatt Regency building in Mumbai

03 Nov 2021 CW Team

Yes Bank Limited has taken control of the Hotel Hyatt Regency building and a land plot located close to the Chhatrapati Shivaji International Airport in the city after its parent firm Asian Hotel (West) Limited, defaulted on Rs 267 crore on loan repayment.

Hyatt is an American hospitality firm that runs and franchises luxury and business hotels. It is operating the Mumbai property on a contract basis on behalf of Asian Hotels (West).

The bank, in its notice, said that Asian Hotel owes Rs 267.86 crore, involving interest and charges to the bank, as of October 25. The notice said that the bank has taken ownership of the Hyatt Regency building stretched over 15333 sq m.

The problem at the iconic hotel Hyatt Regency first started on June 7 when the management of the five-star hotel said it would remain shut till further notice as its parent, Asian Hotels, is not making payments for salaries and services.

Consequently, in a statement, Asian Hotel, told the media that the hotel management had to take the unusual step of temporarily shutting the Hyatt Regency in Mumbai as Yes Bank, with which it keeps an account, has blocked that account and took back all funds after failure in loan repayment.

Asian Hotel said it defaulted on repayment because of a critical liquidity crunch since the start of the Covid-19 pandemic.

On June 8, 200 employees of the hotel in Mumbai approached the industrial court and the labour commissioner asking for protection from termination. The case is pending in court yet.

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