Chennai: In a bid to pay off their debt which amounts to over Rs 600 crore, the Viceroy Hotels is selling a project division that comprises of a residential project and hotel. The division is being sold to Ceebros Hotels for a total worth of Rs 480 crore.A prior attempt was made to sell the project to another developer in 2011. The deal was fixed at Rs 600 crore. But it failed to pull through. The reasons for failure have been unknown. If that deal would have been successful the debt of the Viceroy Hotels would have been paid long before now.The present plan has received approval from the company’s board and now the company is looking to receive approval of the shareholders through a process of postal ballot. The board is determined to conclude the deal by the end of June.”About Rs 430 crore from the sale proceeds would go towards repayment of debt that was drawn for the project. It would actually result in a cash surplus of about Rs 50 crore. After this, the company’s debt would be at about Rs 200 crore,” a source said.After the completion of the selling of the Chennai project, the company will be focusing on the consolidation of its existing business. This includes the hotel projects owned by the company in Hyderabad and Bangalore. The project that is being sold off will be managed by JW Marriott.Earlier the company had raised capital for the Bangalore project by selling the about 60% stake in the project in favour of JP Morgan, retaining the rest. Viceroy Hotels has another hotel project in Hyderabad which is also managed by JW Marriott.займ на карту без отказов круглосуточновзять кредит онлайн