ASIAN HOTELS (NORTH) LTD

Asian Hotels (North) Limited is one of the leading player in the Indian hospitality industry operating a chain of deluxe category hotels under the brand Hyatt Regency Hotels since 1982. The Company presently operates one Five-Star Deluxe Hotel in Delhi with the name Hyatt Regency Delhi. Hyatt Regency New Delhi is located at Bhikaji Cama Place and is a 5-Star Deluxe Hotel, which has been operating since 1982. The hotel has 508 rooms and suites and is well equipped with High Speed Internet, Swimming Pool, Fitness Centre, Business Centre, Boutiques, Salon and Restaurants offering a wide variety of dining options. Asian Hotels (North) Limited was incorporated in year 1980 as 'Asian Hotels Limited' and was promoted by R S Saraf, R K Jatia, Chaman Lal Gupta, 3 Non-resident Indians together with Amritesh Jatia and Shiv Kumar Jatia, their Indian Associates. Also, the Company changed their name from 'Asian Hotels Limited' to 'Asian Hotels (North) Limited' with effect from February 16, 2010. The Company set up their first-grade room facilities for guests during the Asian Games in the year 1982. The hotel started full-fledged commercial operation in the year 1983. In December 9, 2002, the company incorporated a subsidiary company, namely GJS Hotels Ltd. In order to have their presence in other geographical location, they commissioned two new five star deluxe hotel category in the name Hyatt Regency Kolkata and Hyatt Regency Mumbai. The former commenced full fledged operations in January 1, 2003 and the later in April 1, 2003. During the financial year 2007-08, the company acquired three wholly owned subsidiaries, namely Chillwinds Hotels Ltd, Vardhman Hotels Ltd and Aria Hotels and Consultancy Services Pvt Ltd. The company also entered into other business segment namely power generation and installed two Wind Turbine Generators on March 27, 2008 and March 31, 2008 respectively. During the year 2008-09, the company acquired additional interest in Regency Convention Centre and Hotels Ltd, an erstwhile associate company, thus making the said company as a subsidiary company. The promoters of the company are constituted in three major groups since the inception of the company. They are the Jatia Group, the Gupta Group and the Saraf Group. In due course of time, each of the three groups has acquired independent interests in the hospitality industry. To avoid any potential conflict of interest amongst the three groups inter-se and the other shareholders of the company, the promoters agreed on restructuring of the company by way of scheme of arrangement. The company entered into a scheme of arrangement and de-merger with Vardhman Hotels Ltd (now known as Asian Hotels (East) Ltd) and Chillwinds Hotels Ltd (now known as Asian Hotels (West) Ltd) which became effective on February 11, 2010. Pursuant to the scheme of arrangement and de-merger, the assets and liabilities of Mumbai Undertaking and Kolkata Undertaking respectively were de-merged, transferred and vested with Chillwinds Hotels Ltd and Vardhman Hotels Ltd and the company retained the residual assets which mainly consisted of Hyatt Regency Delhi Hotel. Pursuant to the scheme of arrangement and de-merger, each of the promoter groups, namely the Jatia Group, the Gupta Group and the Saraf Group respectively acquired independent control of Asian Hotels (North) Ltd, Asian Hotels (West) Ltd and Asian Hotels (East) Ltd. Consequently, the Jatia Group controls over 59% shares in the company. The company plans of making a foray into 'Serviced Apartments' and has commenced construction of a new building/ complex, which is expected to be completed during the financial year 2011-12, with a built-up area of approximately 14000 sq mtrs, housed in a separate stand-alone tower. The company also plans to renew and expand their existing facilities at Hyatt Regency Delhi. Such renovation and expansion shall be carried in two phases spanning over the years 2010 to 2013, for operational expediency and to avoid inconvenience to the guests during peak season. The first phase includes expansion of existing facilities by adding 24 bays and a multi-cuisine restaurant, and up-gradation of fitness center and renovation of existing suites, which is expected to be over by March 31, 2012. The second phase comprising construction of new ballroom, pre-function area, additional meeting rooms and additional 24 bays, is expected to be carried out between April 2012 and August 2013. In addition, the company is also exploring substantial acquisitions in companies having operational undertakings in hospitality sector. The Scheme of Arrangement and Demerger between Asian Hotels Limited and its shareholders and creditors; Chillwinds Hotels Limited and its shareholders; and Vardhman Hotels Limited and its shareholders, was approved by the Hon'ble High Court of Delhi vide Order dated 13th January, 2010, and made effective on 11 February, 2010. Consequently, the Mumbai Undertaking and Kolkata Undertakings of the Company were transferred to and vested in Chillwinds Hotels Limited and Vardhman Hotels Limited respectively. Since such transfer took effect retrospectively from 31 October, 2009. Equity Shares of Chillwinds Hotels Limited and Vardhman Hotels Limited, which companies were renamed as Asian Hotels (West) Limited (AHWL) and Asian Hotels (East) Limited (AHEL), were listed on BSE and NSE and trading in their equity shares commenced on 5 August, 2010, and 11 August, 2010, respectively. The Company during FY 2010-11 made an investment of Rs. 391 crores in an overseas company, namely Fineline Hospitality and Consultancy Pte. Ltd., Mauritius (Fineline Hospitality), a company in the hospitality sector, acquiring 53% of its equity capital and optionally convertible preference capital. Resultantly, the Company acquired indirect control of the subsidiaries of Fineline Hospitality, namely Most Prof Hospitality and Consultancy Pte. Ltd., Mauritius (Most Prof), Lexon Ventures Pte. Ltd., BVI (Lexon) and Magus Estates & Hotels Limited, India (Magus). To maintain a lean structure two of the step down subsidiaries, namely Most Prof and Lexon were amalgamated with Fineline Hospitality w.e.f. 23rd August, 2011, and 14th September, 2011, respectively. In October 2011, Company made additional investment in Fineline Hospitality by subscribing to redeemable cumulative preference shares aggregating to Rs. 50 crores. The Hotel Suites (Serviced Apartments) Project was completed in 2012-13. The Company operated an integrated hotel business at only one location i.e. New Delhi in 2012-13. Accordingly, the new Ball Room The Mansion' got completed and was operational from August 2014. A whole new concept of live kitchen stations was introduced during year 2014. It acquired a wholly owned subsidiary namely New Town Hospitality Private Limited. The land acquired by the Company for constructing a hotel with commercial space in New Town, Kolkata was sold in July 2015 and subsequent to the sale of Kolkata land in July 2015, the Company's entire shareholding in Newtown Hospitality Private Limited divested, and accordingly, it ceased to be a subsidiary with effect from 27th July, 2015. In 2017-18, the Company launched 'The Council', an exclusive members-only club for the captains of the industry to conduct their business productively.