"The tourism sector in the country is witnessing a great growth. Our group has been very bullish over this sector which has a lot of potential in the coming year. We got a good offer for the outright sale of this property and thus we decided to change hands," Dharmender Bhandari, MD, Bestech India, told Sunday ET.

In fact, this 45-room star property has been one of the most successful hotels operated in its segment and the valuation has surprised many analysts in the hospitality and financial world. The average rate achieved by this hotel has been the significantly higher than others in the same category. The reason for the owner to put this property on the block was because the group is aggressively looking at expanding into the hospitality business.

"We have clearly chalked out our expansion plans and this property was put on the block to fuel our expansion plans in the hospitality business. Our group is currently developing four hotels under the Radisson and Park Plaza brands. The first property, to be opened soon, will be a 100-room Park Plaza Hotel at Noida. We are aggressively looking at acquiring more land for building new properties," Bhandari added.

Park Plaza is part of Carlson Group, which is one of the biggest hospitality and travel company in the world. Over the last two decades, the Bestech Group has successfully built many commercial and residential projects and has consolidated its business into three major areas of construction and development industries sector, real estate, and hospitality and construction which are prime areas for business, employment generation and quality creations.

The group is also in the process of developing three IT Parks spanning nearly 2 million sqft at the most prime location in Gurgaon, and integrated townships and group housing projects of more than 8 million sqft, which are nearing completion and under development in the national Capital Region (NCR)