Consumer goods giant ITC which operates The Luxury Collection and the Sheraton brand hotels in India for Starwood along with its own brands of WelcomHotel and Fortune has acquired the first Park Hyatt property in India, the 251 room Park Hyatt Goa Resort and Spa from state run lender IFCI Limited for approximately $83 million. The hotel owner Blue Coast Hotels Ltd. has been facing tough times of late. The company had pledged the property to IFCI in order to find the expansion projects it had been running to expand its portfolio of hotels in other cities namely the Sheratons coming up at Chandigarh and Amritsar, MGM Grand at the Delhi International Airport Aerocity and the Villas at the Park Hyatt Goa.
The property features the Sereno spa which was voted as the “Favourite Destination Spa” at the Conde Nast Traveler India Readers’ Travel Awards. With this sale the Villas project would most probably be taken over by ITC as part of the property itself and given that ITC is closely involved with Starwood it would not be surprising to see the Park Hyatt changing guard to become a Starwood property. ITC has got an excellent track record with running some of the best hotels I have stayed at in India such as the ITC Grand Maratha and the ITC Maurya which have played host to the who’s who from around the world. Overall I feel this is a good move for both the ITC and the property itself which will see one of the best hotels in Goa benefitting from the ITC expertise. You can check out more details about the property in the Conde Nast Traveler review here.