Leading hotel chains and top real estate developers are understood to be bidding for the beleaguered UK investment group Dawnay Day’s four-star hotel chain Ten Hotels and other real estate assets in India. ITC, Royal Orchid, Pride Hotels, Sarovar group, Lemon Tree, DLF and Paraswanath have made a pitch for the deal, which is valued at around Rs 500-700 crore.

When contacted, Ten Hotels MD Mandeep Lamba said, “The business restructuring process is being handled out of the UK and I would not be able to make a comment at this moment until I receive dependable information on the same. As of now, the business in India is operating normally with construction activities on the hotels continuing as scheduled. The first Ten Hotel would get operational in Jaipur later this year”.

All the hotel chain and real estate developers spoke to confirmed that they have received proposals from investment bankers and are currently evaluating options. Some of the interested parties may jointly bid for the business.

It is learnt that the group is also keen to rope in a potential investor immediately to infuse $20-30 million to tide over a period till a suitable buyer is finalized for the assets. “With the hotel and real estate market currently going through a slowdown, it would be difficult to get a good price,” said an official from a Delhi-based hotel chain.