India’s iconic 294-room Taj Mahal Hotel, in New Delhi, could soon be under new management, according to media reports.
Citing Economic Times, Hotels magazine reported that consulting firm Ernst & Young had advised the New Delhi Municipal Corp, which paid for Indian Hotels Co to build the property more than 30 years ago, to have an open auction to select a company to manage the property on a new 30-year lease.
Enst & Young also reportedly advised the municipality that Indian Hotels Co should have the right to match the highest bid to retain management on a contract that recently expired, but has been extended to October.
France’s Accor and Subrata Roy’s Sahara India Pariwar, Lucknow, India were said to be interested in competing for the new lease, but a source familiar with the case said the municipality may extend the lease again as the auction is unlikely to be concluded by October.
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Indian Hotels reportedly pays the municipal body 10.5% of its gross revenue annually and the proposed auction is speculated to result in a substantial increase.
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Aug 29, 2012 , Germany
Some sub editing required here and a little less sensation with the headline...according to Hotels magazine it is the Taj Mahal Hotel in New Delhi (in the singular) that is involved. Your picture shows the Taj Mahal Hotel in Mumbai.