In effect, the Bangalore hotel project will be transferred to a new subsidiary company, a company press release said.
Viceroy Hotels (VHL), previously known as Palace Heights Hotels, was incorporated in 1965.
The hotel has signed a master franchisee agreement with the global hospitality major Marriott International Inc to become its franchisee hotel.
VHL now operates a 297 room Marriott and 169 room Courtyard in Hyderabad. Further, VHL is constructing a 387 room JW Marriott in Chennai and a 277 room Renaissance in the city.
Source