The top real estate and hospitality firms in India were present at the India Tourism Development Corporation’s (ITDC) initial feedback session regarding the Ashok Hotel’s potential asset monetization and use of its vast land in Chanakyapuri, the centre of Delhi’s diplomatic district. The marquee names were present, including Taj Hotels, Hilton, DLF, JLL, Brookfield-backed HLV Ltd, and Wyndham Hotels. Some of these players confirmed their participation.
Like the Delhi airport, which has been leased to a private party for 30 years while the state retains ownership of the property, the first Modi-led government likewise intended to hand over the administration of the Ashok Hotel to a private operator while maintaining ownership of the hotel and land. The plan, which did not materialize then, will be implemented when the second Modi-led government completes its third year in office.
The only feasible option to attract private players is by providing Ashok Hotel with a long-term management contract. The Ashok Hotel features 550 rooms, including a presidential suite, 161 suites, and 389 rooms. The Ashok Hotel (11.5 acres) will reportedly be leased for 30 years with an option for another 30. A 1.8-acre parcel may be made available for commercial development to the winning bidder. A hotel or serviced apartments could be built on an additional 6.3 acres.
