New Delhi: Major real estate industry players like JLL, Indian Hotels Company, DLF, Hilton, HLV Limited and many others are learnt to have participated in a road show organised by Indian Tourism Development Corporation (ITDC), which was part of its long drawn process of leasing out the iconic Hotel Ashok and monetising its spare land in the national capital for commercial usage as well as for building high-end service apartments.
The roadshow was organised by ITDC – which manages Hotel Ashok – to seek feedback from the interested parties, before it embarks on the exercise of leasing out the hotel and monetising its spare land.
Sources informed that in the road show, views of the participants were sought on their proposed models through which they plan to monetise the concerned properties. Government plans to lease out the Hotel Ashok, which is one of New Delhi’s several landmarks – for a period of 60 years via the operate-maintain-develop (OMD) mode.
The spare land of the hotel would be used for commercial development and for building luxurious apartments through the public private partnership (PPP) mode, the sources added.
The successful bidder is expected to revamp Hotel Ashok on the lines of some globally known hotels like Savoy Hotel in London and Ritz Hotel in Paris.
There are 550 rooms in Hotel Ashok which include 160 suites.
The parcel of land where the neighbouring Hotel Samrat is built, is not part of the proposed plan, as per the sources.
The entire project is estimated to be of around Rs 8,000 crore, they added.