The Covid pandemic has give a severe blow to the hospitality industry and hotels facing the brunt of it. There are many hotels in Ahmedabad that are looking for buyers. Hotel Rock Regency has been sold off by its owners to Laxmi Jewellers for around Rs 90 crore. Incidentally, the jewellers already have a showroom just opposite the hotel.
Rock Regency, situated opposite the Samartheshwar Temple is located at a prime location in the Law Garden area. The area is a retail hub with well-known clothing and jewellery brands having outlets there.
Laxmi Jewellers will come up with a workshop by demolishing the hotel. The area quotes at anywhere between Rs 2 lakh and Rs 2.5 lakh per square yard.
“The hotel was owned by Bhatia brothers who have now forayed into the realty space. After the reopening post the pandemic, they had been looking to capitalise on their assets.”
Commenting on challenging times for the hotel industry, Chairman of Hotels and Restaurant Association of Gujarat Tulsi Tekwani said, “The hotels in the city are going through a tough time. With hardly any room occupancy, maintaining the hotels is a huge cost.
” Owner of Lakshmi Jewellery group Vipul Mehta said, “Yes, we have bought the hotel as part of our expansion plans. We are primarily into exports and shall be using this property as our workshop.”