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The Tata-owned Taj Group has acquired Mumbai-based Sea Rock Hotel for Rs 680 crore. Indian Hotels Co, which owns the Taj Group of hotels, has acquired 85 percent stake in ELEL Hotels and Investments that owns the property on which Sea Rock Hotel is built in southern Bandra. According to RK Krishna Kumar, vice-chairman of Indian Hotels, the existing 480-room Sea Rock Hotel will be demolished and a new integrated complex including a hotel, a large convention centre and a retail outlet will be build.
He informed that an amount of Rs 500 crore will be spent to develop the new complex in southern Bandra. With the acquisition of Sea Rock Hotel, the Taj Group has increased its prime hospitality properties in Mumbai to four. The acquisition has also scaled up the room capacity of Taj Group to 1,425 in its four properties in the city. Sea Rock Hotel, which is one of the oldest five-star properties of Mumbai, was started by the Luthria brothers in 1970s and was tied up with ITC. The grand old hotel has been virtually closed since bombs ripped through it in 1993.
By acquiring the hotel property, Taj group aims to expand its footprint in north Mumbai. The acquisition is also significant because of the fact that Mumbai will soon see the opening of the Bandra-Worli Sea Link. The new infrastructural project will connect Bandra with the downtown area through a bridge over the Arabian Sea. In addition to this, after the opening of sea links the Chhatrapati Shivaji International Airport will be barely 10 minutes' driving distance from the Sea Rock Hotel.
