Oberoi Realty Consortium to Pay $107M to Acquire Bankrupt Hotel

A consortium of Oberoi Realty,Shree Naman Developers and JM Financial Properties and Holdings will pay 9.2 billion rupees ($107 million) to the creditors of Hotel Horizon as full and final settlement of their claims for bankruptcy resolution, according to an exchange filing by the developer.

• The Committee of Creditors managing Hotel Horizon’s corporate insolvency resolution approved the consortium’s plan and issued a ‘Letter of Intent’ on July 14
• Hotel Horizon holds ~7,500 square meters land overlooking the sea in Mumbai’s upmarket Juhu suburb
  • Co. is developing a retail and hotel building at the location

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