DB Realty arm may sell stake in Delhi hotel project

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India PropertyTrack2Realty-Agencies: Real estate developer DB Realty today 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, the 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 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 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.

Meanwhile, 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.

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