Vatika Hotels refinances Rs 550 crore debt with Kotak, exits EAAA fund
The Westin Gurgaon owner cut total debt from Rs 1,000 crore to below Rs 600 crore and lowered borrowing costs to 8-9% after a post-Covid turnaround lifted its rating to investment-grade BBB.
Vatika Hotels, owner of The Westin Gurgaon, refinanced Rs 550 crore debt via Kotak Mahindra Bank, exiting EAAA India Alternatives fund. The hospitality operator's turnaround since Covid stress lifted its rating to investment-grade BBB and cut borrowing costs.