Taj Group takes over Krishna Oberoi &Holiday Inn

Taj Group takes over Krishna Oberoi &Holiday Inn
-----15 May'2000

The Taj Group of Hotels are on a take over spree in the city with the acquisition of the popular 5 star hotels of Road No:1 Banjara Hills .The Taj Group have taken over Krishna Oberoi Hotel and Holiday Inn Krishna. The Taj expansion has been made possible by a strategic alliance with G.V.Krishna Reddy, Chairman of the GVK group.

Till recently two of Krishna Reddy's hotels had a management tie-up with the Oberoi group and a marketing tie-up with Holiday Inn worldwide respectively. Effective from April1st, Krishna Reddy snapped ties with these two hotels group, and will bring them into the new joint venture, Taj GVK Hotels and Resorts Limited.

IHCL will manage the operations of all the three hotels under the Taj brand. The two properties will be re-branded Taj Krishna (deluxe) and Taj Residency (five star) respectively and the joint venture will invest Rs 40 crore on giving them a new look. Wilson Associates, the world renowned hotel design firm based in the USA, is currently working on this project. For the Taj group, this consolidation will result in a total room base of over 575 rooms.

The Falaknuma Palace which the Taj has a 99-year lease, will open three years hence as an 80-room heritage hotel. The group also proposes to spend Rs 250 crore over the next three years on restoring and renovating the Falaknuma Palace.