 "Juhu's Tulip Star up for grabs, auction reserve price starts at Rs 1,315 cr")
Mumbai’s Tulip Star Hotel (erstwhile Juhu Centaur Hotel)is up for grabs after the owner of the six-acre sea facing property on Juhu Tara Road failed to repay a Rs 235-crore loan.
According to a report in Times of India, the Asset Reconstruction Company (India) Ltd (Arcil), which invited bids from prospective clients last week, has set a reserve price of Rs 1,315 crore. The sale will include the land, buildings and structures, machinery, plant, fixture and fittings on “as is where is and as is what” basis.
The last date of submission for the bid is January 7, 2014 and the auction will be held on 8 January.
[caption id=“attachment_1285123” align=“alignleft” width=“380”]  Tulip Star[/caption]
Tulip Star Hotel was acquired by Ajit Kerkar and the Tulip Group from Air India’s subsidiary, Hotel Corporation of India, during the privatisation exercise undertaken by the BJP-led NDA government in 2002. But a CBI inquiry was launched in this regard following allegations of corruption in the sale process.The investigating agency did not find anything amiss and finally closed the case in 2008.
Immediately after takeover, the Juhu Centaur was renamed the Tulip Star. It wound up three restaurants and brought down the classification from five-star deluxe to three star.The Kerkar family are also promoters of Mumbai-based tour operator Cox & Kings.
Impact Shorts
More ShortsLast week, Bombay high court restrained Tulip from creating any third-party rights on 2.5 lakh sq ft of the hotel or change its facade.
Financial woes had forced Tulip to form a joint venture with Mumbai-based Nirmal Lifestyle to turn the 2.5 lakh sq ft into a retail space.
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