Parsvnath withdraws hospitality ventures reasoning fund crisis
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Realty monster Parsvnath Developers has placed its four hotel ventures on the chunk, because it is experiencing rigorous liquidity owing to the downturn in the realty segment. Company’s envoy said to www.propertykhazana.com that, “These ventures are extended over Hyderabad, Goa, Lucknow and Ahmedabad and are presently in developing stage.” Like other realty companies, Parsvnath also had stepped in to the hospitality segment when the realty segment was flourishing and it planned to construct about 110 hotels in 7 years with a list of about 10,500 rooms. Company has also confirmed 20 hotels and service flat ventures within the country under different star groups in separate and combine model.
Company has joined hands with ITC’s limb Fortune Park Hotels to handle its planned 50 hotels, comprising these four properties and Parsvnath as other realty firms it has stopped construction on housing, commercial, hotel and SEZ ventures. As per to the sources saying @ the www.propertykhazana.com, company has reported about 80% reduce in net auctions to Rs. 90 Crores during the end of the quarter, between a slowdown in the realty. Company has a total debt of about Rs. 1,900 Crores on its balance sheet and is searching for relisting of about Rs. 400-500 Crores loan, which is likely to reimburse about Rs. 75-80 Crores by the end of the month. Given the economic slowdown and terror strikes has delayed the arrival of tourists and business travelers in India, the hospitality segment has started not to look so striking. The holdings and room rates has fallen in most cities by effecting incomes of hotel companies.
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