One of the famous hotels in Vizag, Taj Gateway Hotel, has been acquired by the Varun Group at a price of Rs 120 Crore. Earlier, the hotel was under Indian Hotels Company Limited (IHCL).
Speaking about the same, Varun Group Chairman, V. Prabhu Kishore, said, “We are happy to buy the Taj Gateway, one of the leading hotels in the city. The IHCL will continue to manage the Taj Gateway for us. We look forward to a long and fruitful relationship.”
The Varun Group has opened its first hotel, Varun Beach Novotel, at the Vizag beach road in 2011. Later, a Bheemili beach resort has been opened by the group in 2016.
He also spoke about the new project in Vijayawada and mentioned, ” We are constructing a five-star hotel in Vijayawada which will be ready by November or December this year. We have ambitious plans for the prime property on the Beach Road and we will try to make it a hot tourist destination.”
The 4 hotels, including Taj Gateway and the upcoming venture at Vijayawada, would be holding together more than 600 rooms and the management is on plans to take the number to 1000, Varun added.