Indian Hotels Company Ltd, the Tata group-owned hospitality flagship, has pulled out from managing Taj Palace Marrakech in Morocco in just over a year of taking over the mandate.
"Taj Hotels Resorts and Palaces will cease to manage Taj Palace Marrakech, owned by the private Moroccan company, JK Hotels, with effect from September 10, 2014," IHCL said in a statement, adding, "We continue to pursue our individual goals and vision. We wish JK Hotels all the very best for the future." The company has not given any specific reason behind the decision. Taj Palace Marrakech was launched in July 2013 under a management contract with JK Hotels.
The company, last year, dropped its plan to acquire Bermuda-based Orient-Express Hotels, after pursuing the offer for over a year. The decision offered relief to company's debt situation. In July this year, Samsara Properties, an offshore wholly owned subsidiary of IHCL, sold off its BLUE Sydney hotel to the Hong Kong based Hind Hotels & Properties Group for Australian $32 million.
"Taj Hotels Resorts and Palaces will cease to manage Taj Palace Marrakech, owned by the private Moroccan company, JK Hotels, with effect from September 10, 2014," IHCL said in a statement, adding, "We continue to pursue our individual goals and vision. We wish JK Hotels all the very best for the future." The company has not given any specific reason behind the decision. Taj Palace Marrakech was launched in July 2013 under a management contract with JK Hotels.
The company, last year, dropped its plan to acquire Bermuda-based Orient-Express Hotels, after pursuing the offer for over a year. The decision offered relief to company's debt situation. In July this year, Samsara Properties, an offshore wholly owned subsidiary of IHCL, sold off its BLUE Sydney hotel to the Hong Kong based Hind Hotels & Properties Group for Australian $32 million.