Indian Tourism Development Corp.

DISINVESTMENT OF HOTEL PROPERTIES OF ITDC (2ND TRANCHE)

 

The Cabinet Committee on Disinvestment, in its meeting held on 5.2.2002 has approved of the disinvestment of the following 3 hotel properties of ITDC.

            (a) Qutab Hotel, New Delhi

            (b) Lodhi Hotel, New Delhi

            (c) Laxmi Vilas Palace Hotel, Udaipur

The operating results of the above mentioned hotels are given below:

Qutab Hotel, New Delhi [Category: Classic; No. of Rooms:65; Apartments:30; Employees – 181 (Executive:19,  Non Executive:162); Land Area – 3.93 acres; FARpermissible – 150%; Built up Area –authorised - 17540 sq mts, unauthorised – 70.33 sq mts]


Financial Year

ARR* (Rs)

Occupancy

Sales (Rs crores)

Gross Operating Profit (Rs.crore)

Salaries & Wages (Rs.crore)

Net Profit  (Rs crore)

GOP Margin

Net Profit Margin

1996-97

2775

77%

9.3

5.0

2.0

4.8

54%

52%

1997-98

3012

70%

9.2

4.3

2.2

3.9

47%

42%

1998-99

3285

51%

7.5

1.3

2.7

0.8

17%

11%

1999-00

3180

52%

7.5

1.3

2.8

0.7

17%

9%

2000-01

2696

64%

7.7

0.0

3.4

-0.2

1%

-3%

* Average Room Rent

The outstanding dues payable by Qutab Hotel, New Delhi, to various authorities are :-

Outstanding Property Taxes (upto March 31, 2002)              Rs. 15,98,01,896.00

Outstanding Service Charges (Upto March 31, 2002)          Rs. 16,52,283.00

Total                                                                                                Rs. 16,14,54,179.00

Lodhi Hotel, New Delhi [Category: Comfort; No. of Rooms: 212; Employees – 222 (Executive: 21,  Non Executive: 201); Land Area – 5.84 acres; FAR permissible – 150%; Built up Area–Authorised–16882.30 sq mts, Unauthorised – 582.75 sq mts)]


Financial Year

ARR* (Rs)

Occupancy

Sales (Rs crores)

Gross Operating Profit (Rs.crore)

Salaries & Wages (Rs.crore)

Net Profit(Rs crore)

GOP Margin

Net Profit Margin

1996-97

1177

69%

8.4

2.8

2.7

2.9

33%

34%

1997-98

1448

48%

7.6

1.3

2.9

1.2

17%

16%

1998-99

1582

47%

6.5

-0.4

3.6

-0.5

-6%

-8%

1999-00

1774

39%

6.1

-0.6

3.6

-0.8

-10%

-13%

2000-01

1400

36%

5.6

-1.9

4.6

-2.0

-33%

-36%

* Average Room Rent

The outstanding dues payable by Lodhi Hotel, New Delhi, to various authorities are :-

  1. Outstanding Property Taxes (upto March 31, 2002)                     Rs. 1,55,60,960.00
     
  2. Damage charges, additional charges etc. payable to L&DO     Rs. 2,99,74,237.00
     
  3. Outstanding Service Charges (Upto March 31, 2002)                 Rs. 5,49,615.00  
     
  4. Total                                                                                                       Rs. 4,60,84,812.00  

 

Laxmi Vilas Palace Hotel, Udaipur [Category: Heritage Grand; No. of Rooms: 54; Employees – 87 (Executive: 7,  Non Executive: 80); Land Area – 21.58 acres (29.14 acres including land on which staff quarters of HZL are present); FAR permissible – 150%; Built up Area – 7135 sq mts)]


Financial Year

ARR* (Rs)

Occupancy

Sales (Rs crores)

Gross Operating Profit (Rs.crore)

Salaries & Wages (Rs.crore)

Net Profit (Rs crore)

GOP Margin

Net Profit Margin

1996-97

2714

41%

3.2

1.4

0.6

1.1

44%

34%

1997-98

3024

42%

3.6

1.4

0.8

1.0

38%

29%

1998-99

2978

24%

2.2

-0.1

1.1

-0.4

-4%

-19%

1999-00

2334

27%

2.1

-0.4

1.2

-0.7

-19%

-33%

2000-01

2192

26%

2.0

-0.8

1.4

-1.0

-40%

-51%

* Average Room Rent

There are no outstanding dues payable by LVPH, Udaipur to various authorities.

The successful bidders and the bid price in respect of these 3 hotels are: -


Hotel

Name of the successful Bidder

Price
(Rs.)

Qutab Hotel, New Delhi Sushil Gupta and consortium

35,67,54,179.00

Laxmi Vilas Palace Hotel, Udaipur Bharat Hotels Ltd.

7,52,00,000.00

Lodhi Hotel, New Delhi Silverlink Holdings

76,22,01,925.00