Publishing company S Chand & Co is close to selling its Chennai hotel property, Atlantic Hotels, to CEEBROS Property Development for about Rs 180 crore, a person with knowledge of the development said.
"Both companies have been in talks for the past few months and are expected to close this transaction soon," the person said, adding that
CEEBROS is planning a high-end residential project on the same plot.
Atlantic Hotels, on Montieth Road, is a 120-key room, non-operating , five-star property that includes 22 high-end apartments. Besides Atlantic, New Delhi-based S Chand owns three other hotel properties — Hotel Tourist Deluxe, Hotel Tourist and Iris Hometel , all in the national capital.
CEEBROS Group managing director C Subba Reddy declined comment on the development . Amit Gupta, S Chand Group's chief executive and executive director and Savita Gupta, chairperson of Hotel Atlantic, were not immediately available for comment.
S Chand, which publishes over 12 million educational books every year, also runs preschools and learning centres for children. Last year, the publishing group had sold a minority stake to Everstone Capital for Rs 200 crore to fund expansion of its core business.