Chennai/New Delhi, Apr 1 () : Atlantic Hotel, the landmark iconic staying place in Montieth Road in Egmore will be part of history. This hotel which hosted many weddings of celebrities and was the pad of the rich and the famous who arrived in Chennai is owned by publishing company S Chand & Co who runs preschools and a library of educational books used as textbooks in many States.
Ceebros, the apartment builders would buy this property for about Rs 180 crore. The transaction is expected to be closed soon.
Atlantic Hotel has 120 rooms and has for some time been defunct with only the restaurant and a few rooms occupied by old faithfuls. Situated close to the railway station, the hotel should have picked up business. Reasons best known the hotel did not renovate and remained as a landmark.
A part of the property was converted to raise 22 apartments. Chand and Co owns Iris Hometel, Hotel Tourist and Hotel Tourist Deluxe in New Delhi. Savita Gupta, chairperson of Hotel Atlantic, was not immediately available for comment. S Chand, publishes over 12 million educational books every year, also runs preschools and learning centres for children. In 2012, S Chand the publishing group sold a minority stake to Everstone Capital for Rs 200 crore to infuse funds for expansion of its core business.
Atlantic Hotel is one of the many hotels in Chennai up for sale. Many are selling hotel properties in India to cover debt or generate cash flows. Bangalore-based Royal Orchid is looking at a management contract for its two hotels in the garden city and has sold its hotel in Ahmedabad to SAMHI Hotels, for Rs 67 crore to reduce debt. It also wants to sell these hotels and their Hyderabad land.
Similarly, Leela Ventures wants to sell its hotels in Chennai and Bangalore. It already sold the IT park in Chennai to Reliance. The hotel in Kovalam beach (Kerala) was sold to NRI businessman Ravi Pillai.