Taj Group sells Blue Hotel to Ovolo Group
The buyer is the Hong Kong based Hind Hotels & Properties Group, which operates hotels and serviced apartments under the Ovolo brand.
"Subject to fulfilment of certain conditions, the transaction is scheduled to be completed by October 31, 2014. The transaction value is $AUD 32 million," read an official statement.
"The divestment has been undertaken as part of the Taj Group’s strategy to focus on markets which are core to Group’s operations, and to create liquidity to fund the company’s ongoing expansion in such markets. Asia Pacific and particularly China have been identified as targets for expansion," read the statement.
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