Kerkar can’t monetize Tulip Hotel


MUMBAI
Legal troubles continue to mount for former Taj hotels honcho-turned-entrepreneur Ajit Kerkar, making it tougher for the octogenarian to monetize Tulip Star Hotel, earlier known as Centaur in Juhu, once among Mumbai’s top five-star properties.

The Bombay high court, this week, restrained his hospitality company Tulip from creating any third-party rights on 2.5 lakh sq ft of the premises or changing the facade of the hotel.

Kerkar had acquired the hotel through the government’s privatization programme in 2002, for Rs 172 crore. While initially he wanted to run the hotel himself, financial woes-the acquisition was largely funded through debt-started to stretch the hospitality veteran’s plans. To address this, in 2003, Tulip entered into a joint venture with developer Nirmal Lifestyle to build retail space covering 2.5 lakh sq ft of the hotel premises.

Full report here Times of India 

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