Tata’s Indian Hotels pulls out from running Taj Palace Marrakech in Morocco
IHCL will cease to manage Taj Palace Marrakech, owned by private Moroccan company JK Hotels with effect from 10 Sept
Mumbai: The Tata group-controlled Indian Hotels Co. Ltd (IHCL) on Wednesday said it had pulled out from managing Taj Palace Marrakech in Morocco, without citing specific reasons.
“Taj Hotels Resorts and Palaces will cease to manage the Taj Palace Marrakech, owned by the private Moroccan company, JK Hotels, with effect from 10 September 2014," Indian Hotels, which runs the Taj chain of hotels, said in a statement.
“We continue to pursue our individual goals and vision. We wish JK Hotels all the very best for the future," the statement said.
IHCL did not disclose details of contract with JK Hotels and did not say whether it will scout for similar opportunities in that country.
Taj Palace Marrakech was officially launched in July 2013 under a management contract with JK Hotels.
Last month, while addressing shareholders at its 112th annual general meeting, IHCL chairman Cyrus Mistry said that the company will open at least 30 new properties over the next four years
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