Yes Bank to take over the Ritz Carlton Hotel.

Yes Bank is purported to take over Bengaluru’s Iconic Ritz Carlton Hotel.

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Yes Bank is purported to take over Bengaluru’s Iconic Ritz Carlton Hotel. It is being owned by NEL Holdings South ltd and it is being forced to give away its ownership as it has failed to repay Rs 300 crores. It is reported that NEL Holdings owned by Nitesh Shetty has lots of debts to several banks and creditors and is also engaged in various legal battles filed by buyers for the non-completion of projects. NEL had taken a loan from Yes Bank to construct a 281-room hotel in Bengaluru but the profit margins turned out to be below par. The rent of NEL was decided at Rs 39.4 lakh per month. The hotel was inaugurated in 2013 and gave only a 0.4 per cent of the gross revenues to the Marriot Group which is its parent organisation. The hotel fare per room is higher than the usual fares of 5-star hotel. NEL reported a total loss of 66 crores in the year FY21.