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
»  Hyatt Place Pune, Hinjawadi appoints Ryan D’Silva as the General Manager
»  “Our new integration to G3 RMS takes hotel revenue optimization to the next level" : Carsten Wernet, Chief Executive, SIHOT
»  The Unbound Collection by Hyatt Brand to Debut in India with Plans for Noor-Us-Sabah Palace in Bhopal
»  Vandita Singh takes over as the General Manager - Marketing & Communication at The Fern Hotels & Resorts
»  CakeZone Announces Nora Fatehi as its Face; Nora also Invests in Parent Company Curefoods
»  Hyatt Regency Thrissur announces the opening of LICC (Lulu International Convention Centre)
»  Manu Nair takes over as the Director of Operations at Indore Marriott Hotel
»  Uttam Dey joins Hyatt Centric MG Road Bangalore as the new Chef De Cuisine
»  Hyatt Regency Chennai appoints Apeksha Amithkumar as the new Learning Manager
»  The Hyatt Regency brand enters the Pink City with Hyatt Regency Jaipur Mansarovar
»  Axis Bank partners with EazyDiner to launch Dining Delights - a premium dining experience
»  Hyatt Regency Kolkata welcomes Chef Ishika Konar as Executive Chef
»  Umapathy Amirtham takes over as the General Manager of The Leela Ashtamudi, a Raviz Hotel
»  Indore Marriott Hotel takes a step towards Sustainability – Installs EV Charging Station at the property
»  Hyatt Centric Bangalore Celebrates 4 years of being in Karnataka
»  DCC Animal Hospital partners with Andaz Delhi, a concept by Hyatt to offer specialized services for guests’ pets
»  Hong Kong Firm Strikes Biggest Single Hotel Deal in Australia for Record AUD530 Million
»  Himanshu Sharma takes over as the Multi Property Director of Sales and Marketing for The Westin Gurgaon, New Delhi & The Westin Sohna Resort and Spa
»  Hyatt Regency, Chennai appoints Ruban Das as the new General Manager
»  Gaurav Ramakrishnan Appointed as Head Chef at Hyatt Centric MG Road Bangalore
 
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