ITC Hotels on Wednesday said it has acquired Park Hyatt Goa Resort and Spa.
The acquisition is a part of an auction held by Industrial Finance Corporation of India (IFCI) for Rs 541 crore in 2015, and upheld by the Supreme Court in its March 19, 2018 judgement, ITC Hotels said in a statement.
The property spread across 45 acres is currently under minor renovation to comply with ITC's sustainability practises, the luxury hospitality chain said.
ITC executive director Nakul Anand said, "ITC is pleased to announce the latest addition to its luxury hotel portfolio in the hospitality landscape of Goa."
This has been a long-awaited destination for ITC and "we welcome the opportunity to be integrated into the multi-faceted culture and ethos of Goa," he said.
ITC Hotels, currently, has a collection of more than 100 hotels in over 70 destinations.