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Ashok Hotel to be leased out for 60 years

Ashok Hotel to be leased out for 60 years

A proposal for leasing out the hotel for a period of 60 years has been prepared and is likely to be taken up by the Cabinet Committee of Economic Affairs (CCEA) soon.

The hotel sits on a 25-acre land parcel and was constructed in 1956 The hotel sits on a 25-acre land parcel and was constructed in 1956

The landmark Ashok Hotel, a state-run property at the heart of the national capital, is set to leased out by the central government.
 
A proposal for leasing out the hotel for a period of 60 years has been prepared and is likely to be taken up by the Cabinet Committee of Economic Affairs (CCEA) soon.
 
The hotel sits on a 25-acre land parcel and was constructed in 1956. It has over 550-rooms and is run by the public sector India Tourism Development Corporation (ITDC).
 
The Tourism Ministry, headed by G. Kishan Reddy, has proposed to only lease out the hotel and not the adjoining land. The land parcel, of around 22-acres, will be developed separately as a premium residential complex and a shopping complex.  
 
Hotel Samrat, which is located near the Ashok, will continue to be run by ITDC, due to its proximity to the prime minister’s residence, a sensitive location that demands high security.
 
The Ashok is one of ITDC’s assets listed under the National Monetisation Pipeline initiative announced by Finance Minister Nirmala Sitharaman last year.
 
Over the past few years, ITDC has shut down several hotels including the Jammu Ashok and Hotel Kalinga Ashok at Bhubaneswar.
 
An attempt had been made during the term of late Prime Minister Atal Behari Vajpayee’s government during 2000-04, but was abandoned following resistance from within the government and political opposition.