Actor Sanjay Khan Sells Golden Palms Hotel for Rs. 120 crore

Actor Mr. Sanjay Khan has sold his hotel in Bangalore to a consortium led by Delhi-based real estate company Nimbus Group for about Rs. 120 crore.

The 5 star deluxe property Golden Palms Hotel and SPA spread above 14 acres on Tumkur Road, Bangalore, was set up over a decade back and has 150 rooms. It also has a SPA, restaurants & bars spread over 75,000 square feeet.

Mr. Sanjay Khan confirmed the transaction. But refused to share details.

Mr. Bipin Agarwal, MD, Nimbus group, said, '' A consortium of 6 firms has picked up 100% stake in Golden Palms and has also taken on a liability of Rs. 70 crore attached to the property.

Nimbus India, the non-banking financial arm of Nimbus Group, will hold 10% stake in the property while Industrial Investment Trust (IITL) holds 25 per cent.  Other investors include Gupta Finvest, Urvashi Finvest, and NN Financial Cervices. Nimbus holds 15% stake in IITL.Golden Palms will help us to leverage on the brand name & operate hotels under the same name. We are targeting to operate 50 hotels over the next 3 years.".

Nimbus Projects, the real estate arm of the Group has signed or / is operating properties in Mussoorie, Chandigarh, Goa, Himachal Pradesh, Pune, Delhi &  Bangalore in the 3 and 4 star categories. Actor Mr. Sanjay Khan, who owns about 17 acres of land around his farm in Bangalore, recently entered into a joint venture (JV) with Godrej Properties to develop one of the plots. This land is owned by Khans real estate firm Esskay Properties. We are looking to jointly develop a plot with Godrej Properties and will also take up development of other parcels under Esskay Properties, says Khan.

Actor Mr. Sanjay Khan

In the joint venture,Godrej Properties will hold 70 per cent stake in the proposed project. The upcoming property will have 7.9 lakh square feet of saleable area.The details of the projects are yet to be finalised.

Godrej Properties recently entered into a JV with Mr. Sanjay Khans nephew Mr. Fardeen Khan and his sister Ms. Laila to develop a premium residential property on the outskirts of Bangalore. The Khan siblings hold 37 per cent stake in the project, which is coming up on a 12 acre plot & will have 87 villas costing upwards of Rs. 2 crore each. A few months back, Dutch pension fund manager APG & SparInvest Property Investors, along with Godrej Properties, created a Rs. 770 crore residential development fund, which will invest in residential developments across Mumbai,the National Capital Region (NCR) & Bangalore.

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