Yes Bank takes possession of Hotel Hyatt Regency building in Mumbai
Real Estate

Yes Bank takes possession of Hotel Hyatt Regency building in Mumbai

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.

Image Source

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. Image Source

Next Story
Infrastructure Transport

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

Next Story
Infrastructure Transport

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Next Story
Infrastructure Transport

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?