Advani Hotels and Resorts hits upper circuit, rallies 20%

NEW DELHI: Advani Hotels and Resorts was locked at 20 per cent upper circuit in trade today as a report suggested that ITC is close to acquiring a luxury hotel in Goa for Rs 700 crore from the company.

An ET report said that ITC is close to acquiring the Ramada Caravela Beach Resort from Advani Hotels & Resorts at a cost of Rs 700 crore. The report quoted people with direct knowledge of the negotiations.

The 199-room, five-star deluxe hotel, which had a third of its rooms renovated in October last year, is managed by US-headquartered Wyndham Worldwide. ITC declined to comment. "As a policy, we refrain from commenting on speculation related to the future plans of the organization," a spokesman of ITC told ET.

At 11:03 am, the stock of Advani Hotels & Resorts (India) Ltd was locked in upper circuit at Rs 51.60 up 20 per cent on the BSE.

The stock of ITC Ltd was trading at Rs 343.20, down Rs 2.85 or 0.82 per cent. The stock hit a low of Rs 341.70 and a high of Rs 349.20 in trade today.