MYSORE, INDIA The 90-year-old Hotel Dasaprakash, one of the most renowned hotels in the Chennai area, has been acquired by real estate firm Prince Foundations and will be demolished to make way for residential apartments.
The property was acquired for 1.65 billion rupees (US$36.6 million). The demolition comes after local courts intervened to settle a legal dispute between the owners, employees and lenders.
The hotel was once among Chennai’s top destinations for celebrities and political figures. The hotel was nearly shut several years ago due after owners defaulted on loans and payroll, which triggered union issues in the hotel. The courts appointed a receiver, who ultimately accepted the bid from Prince Foundations, Business Standard reports.