Crowne Plaza is not for sale, says management

Sources say family had financial issues and they had been resolved

Hotel Crowne Plaza Chennai Adyar Park, located on TTK Road, is not up for sale. Silencing rumours about sale of the 287-room property as real estate, Manish Goyal, Joint Managing Director of Adyar Gate Hotels Ltd. that owns the hotel told  The Hindu that they had certain financial constraints because of COVID- 19 pandemic and those have now been set right.

The management had been in discussion with some strategic investors for this purpose and when the word went around in the market, others too came up with proposals. “Neither sale nor demolition of the hotel was ever considered by the owners”, a source close to the owners said. 

The group has three properties in Tamil Nadu – The Crowne Plaza Chennai Adyar Park, Intercontinental at Mamallapuram and Fortune Resort Sullivan Court in Udhagamandalam.  

Sources close to the family told  The Hindu that over 500 families were directly dependent on the hotel and they had taken steps internally to allay their fears about the rumours. They had addressed them to infuse confidence. “The hotel has already renovated its banquets and is planning for events. We have been getting quite a number of wedding bookings and the occupancy is also good,” he said. 

Meanwhile, another close family source said that the Goyals had plans to expand their hotel network to Kodaikanal too. “That would be sometime in the future. They thought Kodai was a quiet place which was not of much interest. But the place is booming and has become quite attractive to invest in a hotel,” he said.