HospitalityBiz India
Hotels FoodService Operations Ministry Associations Equipment Editorial HR Technology Technology Advisory Board Community
Follow us on Facebook Follow us on Twitter instagram
    Home > NewsTrack
NEWSTRACK

Loan default by parent firm, Yes Bank takes possession of Hyatt Regency building

Thursday, November 4, 2021, 10:57 Hrs  [IST]

Yes Bank Ltd has taken possession of Hotel Hyatt Regency building and a plot of land situated close to the Chhatrapati Shivaji International Airport in the city, after its parent company Asian Hotel (West) Ltd defaulted on loan repayment of Rs 267 crore. Hyatt is an American hospitality company that manages and franchises luxury and business hotels. It is managing the Mumbai property on a contract basis on behalf of Asian Hotels (West). “..notice is hereby given to the borrower (Asian Hotel), which is also the mortgagor and the public in general that the undersigned (Yes Bank) has taken symbolic possession of the property…as on October 28, 2021,” read the possession notice of Yes Bank. The bank in its notice said Asian Hotel owes Rs 267.86 crore, including interest and charges to the bank as on October 25. The notice said the bank has taken possession of the Hyatt Regency building spread over 15333 square meters. The trouble at the iconic hotel Hyatt Regency first began on June 7, when the management of the five-star hotel said it will remain closed till further notice since its parent, Asian Hotels, is not making payments for salaries and operations. Subsequently, Asian Hotel in a statement said the hotel management has had to take the unprecedented move of temporarily shutting down Hyatt Regency in Mumbai because Yes Bank, with which it maintains an account, has blocked that account and held back all funds after a default in loan repayment. Asian Hotel said it defaulted on repayment due to a severe liquidity crunch since the beginning of the Covid-19 pandemic. On June 8, as many as 200 employees of the hotel in Mumbai approached the industrial court and the labour commissioner seeking protection from termination. The case is still pending in court.

 
Print News Email News Back
Bookmark to Add to NewsvineNewsvine Bookmark with del.icio.usdel.icio.us Digg ItDigg
Add RSS to Add to Google Add to My Yahoo! Subscribe with Bloglines Subscribe
 POST A COMMENT
* Name :    
* Email :    
* Message :  
   
RELATED NEWS
»  ‘It is hard to expect a decent business in the first quarter of 2022, but we are optimistic’ : Varun Mohan, General Manager, Hyatt Centric MG
»  Hyatt Centric MG Road Bangalore brings Christmas Treats and Hampers
»  Park Hyatt Chennai hosts tree lighting ceremony
»  Hyatt Centric MG Road Bangalore launches new menu at The Bengaluru Brasserie
»  Parnika Bhasin Pande takes over as Head - Signum Hotel Academy
»  Hyatt Place Vadodara celebrates official opening
»  Hospitality Industry Awaits Govt. To Notify Rs.60,000 Cr Loan Guarantee Scheme; FHRAI Requests FM’s Urgent Intervention
»  Hyatt Regency Dehradun appoints Harkaran Singh as General Manager
»  Hyatt Place Kathmandu celebrates official opening
»  Malini Menon takes over as General Manager - Sales & Marketing (South India) for The Fern Hotels & Resorts
»  Loan default by parent firm, Yes Bank takes possession of Hyatt Regency building
»  Wild Turkey Takes Flight in India with Wild Turkey 81 Debut2 messages
»  Kabir Suri takes over as the New President of National Restaurant Association of India (NRAI)
»  India number four in pipeline for new hotels, says Hyatt Hotels’ Peter Fulton
»  FHRAI requests FM to notify the INR60,000 crore Loan Guarantee Scheme
»  Hyatt Regency Chennai celebrates 10th anniversary
»  New Tourism Minister G Kishan Reddy takes charge at Shastri Bhavan
»  Canadian Wood’s webinar ‘Woodinnovations - what’s new & what’s next’ unveiled the vast possibilities of building with wood
»  Heineken Takes Control Of Kingfisher Beer Maker United Breweries
»  Hyatt Regency closure: Hotel management blames Yes Bank for blocking account, Holding back funds
 
CoverStory
Analysis
 
  The Indian Institute of Architects (IIA) Natcon 2020 virtual event concludes successfully
  Winners of The Park Elle Décor Student Contest felicitated at Indian Design ID 2020
 
weekly
Receive the best of Hospitality content in your mailbox.
Weekly e-Newsletter
Events Calendar




Events
 
 
people
interview
newappoint
expert
© Copyright 2016 Saffron Synergies Pvt Ltd
HOME   |   ABOUT US   |   CONTACT US   |   FEEDBACK   |   DISCLAIMER   |   SITE MAP   |   ARCHIVES