India-based ITC is set to acquire the Park Hyatt Hotel, Goa, for around Rs5.15bn ($83m).

Said to be the highest bidder for the property, ITC has already paid Rs1.28bn ($20.5m) to acquire the Blue Coast Hotels-owned, 250-room hotel, PTI reported.

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According to financial institution IFCI, which was a lender to Blue Coast Hotels, ITC needs to pay the remaining sum within a period of 15 days.

"ITC will acquire the land and built-up area of the property, in addition to all buildings and structures, as well as plant and machineries."

The five-star deluxe property has been put for public auction over its dues, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.

Under the terms of the deal, ITC will acquire the land and built-up area of the property, in addition to all buildings and structures, as well as plant and machineries.

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Established in 1992, Blue Coast operates hotels and resorts, including a five-star deluxe beach resort at Arossim Beach in Goa.

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Its other properties include MGM Grand New Delhi, Sheraton Chandigarh and Sheraton Amritsar.

ITC runs around 90 hotels under four different brands, which includes ITC Hotel, WelcomHotel, Fortune and WelcomHeritage.

It also manages several businesses, which include paper packaging, lifestyle retailing, safety matches, branded stationery, agricultural commodities, and FMCG.

Due to be constructed in collaboration with Sri Lankan Government, the group’s first abroad property is expected to open in 2018.