Cineline India sells hotel in Goa for Rs 270 crore
Real estate firm Kanakia Group's firm Cineline India has sold its Hyatt Centric hotel in Goa for Rs 270 crore. This comes as the firm aims to reduce debt and fund expansion. With the amount received, it would aim to achieve a debt-free status by repaying Rs 108 crores related to its film exhibition business.
Monetization has helped Cineline India to reduce its debt by Rs 120 crore of the hotel asset at the subsidiary level, and the firm has monetized non-core assets worth Rs 351 crores to support growth and expand its MovieMAX brand to 77 operational screens.
Also Read: Kanakia Spaces signs agreements for redevelopment projects in Mumbai