CHENNAI, INDIA Viceroy Hotels Ltd. plans to spin off its 5.6 billion-rupee (US$125 million) Chennai project division to raise cash.
Hyderabad-based Viceroy, which is not related to Los Angeles-based Viceroy Hotel Group, is looking to unload its 387-key JW Marriott Hotel and Residences project in Chennai in an effort to trim debt from its balance sheet. The project, which is only partially completed, was originally scheduled to open in April 2009.
The company has a total debt of 4.5 billion rupees, Press Trust of India reports.