GRT Hotels Acquires Chennai’s Asiana Hotel for ₹153 Cr After Supreme Court Clearance

In a significant step towards further strengthening its luxury portfolio, GRT Hotels & Resorts, Chennai-based, has bought the iconic Asiana Hotel for ₹153 crore after a prolonged legal tussle. The acquisition has been cleared after the Supreme Court upheld Edelweiss Asset Reconstruction Company’s (ARC) right to sell the distressed property.

With a five-star rating, the Asiana Hotel opened in 2008. It was launched on Old Mahabalipuram Road (OMR) in Semmencherry, Chennai, by the real estate developer and former MP of AIADMK, K.P. Munusamy. The 179-room hotel, developed by GBJ Hotels, was co-founded by Alagurajan Suruliandi and Shri Sriharan in 2005.

The property had defaulted on the loan payments over the time between 2015 and 2018 and was declared an NPA. In 2019, Edelweiss ARC bought a substantial portion of the debt and initiated insolvency proceedings under the IBC by 2020.

Though Malabar Hotels initially emerged as the lead bidder through Edelweiss ARC, legal challenges from rival parties between 2022 and 2023 stalled the sale. The case climbed the judicial ladder, culminating in a Supreme Court verdict in April 2025, which confirmed the sale of the property to GRT Hotels.

The court noted: “We are informed that a sale certificate has been issued in favour of GRT Hotels by Edelweiss ARCL… All questions, except the sale which stands confirmed, are left open for the parties to agitate before an appropriate forum.”

The acquisition includes plans for a ₹20–30 crore renovation by GRT, further strengthening its premium offerings. The collective has already engaged in managing some top-end properties in South India, among which stands Radisson Blu GRT Grand.

Through this strategic acquisition, GRT clinches a prime hospitality property in the burgeoning IT corridor of Chennai and also strengthens its foothold in the highly competitive luxury hotel segment in South India.

This acquisition is expected to prove instrumental in carving a niche for GRT at a time when major cities almost incessantly expand population-wise and income-wise in demand for premium multidisciplinary accommodations.