Chennai: The hotel Adyar Gate Iconic in the Tony Boat Club area might soon make a high road from premium residence.
CEEBROS property developers are completing the rebuilding agreement with Goyals, families who have Adyar Gate Hotels Limited (AGHL).
The 286-room hotel is a 5 star property landmark since the inauguration in the 1970s.
Then it was run by ITC as Park Sheraton Hotel & Towers for years and then became Crowne Plaza, but it was always known as his first name.
“Only the ins and down the commercial agreement that needs to be resolved.
For CEEBROS, Crowne Plaza will be the third hotel property obtained, after Atlantic Hotel in Egmore and Viceroy at MRC Nagar.
Ceebros has destroyed the property and build housing.
The tower,” said several sources.
The Ceebros C implementation director Sub-Reddy told TI that “talks”, while declining to reveal further details.
This property was originally owned by the Industrialist family T Vasu, who then sold it to shaky.
The promoter owes the Civic Rs 42 CR body because the property tax industry sources say, “While AGHL has gone through a problematic phase, Covid’s pandemic accelerates the problem.
Despite choosing a payment moratorium during a pandemic, the liquidity crisis crashes into a hard group.” The promoters owed Large Chennai Corporation around ₹ 42 crore as a property tax.
The Civic body has even done a “drum beat” in front of the hotel to highlight tax arrears.
Vinish Goyal, Director, Crowne Plaza and Intercontinental Hotels, Chennai, said, “I don’t know who spread rumors like that? We have completed all property tax contributions to the authorities.” According to property consultants, Ceebros well rebuild Atlantic and Viceroy.
Despite the rebuilding of MRC ‘174’ experiencing commercial problems for a while, now apartments are not available for resale even at a price of more than Rs 20,000 per sq ft.
“With CEEBOS already have and operate two business hotels under the brand name under the brand name.
The rain tree ‘at Anna Salai and St Mary’s Road, this company is unlikely to maintain Crowne Plaza as a hotel,” said property consultant, who did not want to named after, said.
“Given the proximity of the Crowne Plaza property to the boat upmarket club, where the price of a residential apartment is around ₹ 30,000 per square, the residential property will easily pick up ₹ 25,000 per sq ft here,” added the consultant.
Goyals has two other hotel properties through AGHL, Fortune Sullivan 67-room in Ooty and 106 InterContinental rooms Chennai Mahabalipuram Resort, in addition to 2.5 lakh sq ft sai tech tech on Jalan Taramani-Velachery.