Why Star Hotel Le Royal Meridien was sold for such a Cheap Price?
Hotel Royal Le Meridien is one of the famous star hotels in chennai and it is located at Guindy and it has been a landmark for several people. But now it is all set to be sold for a very cheap amount and the reason behind this is now revealed. This Le Meridien Hotel was started 20 years back in chennai and this has been the hotspot for VVIPs, Celebrities, and Politicians.
Many times we can see actors and actresses conduct their birthday parties and other functions in this hotel and it has been such a luxurious hotel in chennai city. Now, this hotel is bought by MGM health Care for a cheap price of Rs.423 Crores. If you think, this is a huge amount, the original cost of this hotel including the land value will be shooting up to Rs.1600 Crores and so why then they sold it for 1/4th amount?
Hotel Royal Le Meridien has never paid Travel Taxes for 18 Crores and this has been in the case for several years. However, the court ordered the Hotel to pay the amount with interest and they also extended the date, but still, the hotel was unable to pay that amount and finally, the court has ordered the Hotel to be sold, and finally, it was bought by MGM health Care chairman MK Rajagopalan for 423 Crores amount and this is such a meager amount.