India’s Jammu and Kashmir Tourism Development Corporation (JKTDC) has opened the bidding process for the iconic Centaur Lake View Hotel, inviting national and international investors to take part.
Known for its picturesque location on the banks of Dal Lake in Srinagar, the hotel is being offered on a public-private partnership (PPP) model, specifically on a design, build, finance, operate, and transfer (DBFOT) basis.
The estimated project cost for the hotel’s development stands at Rs2.12bn ($26m).
Since its establishment in 1982, the Centaur Lake View Hotel has been a significant draw for tourists, both domestic and international, visiting the Kashmir region.
The hotel’s strategic location and scenic beauty make it a prestigious property within the hospitality sector, stated JKTDC.
For the bidding process, JKTDC has taken an online single-stage three-part e-forward auction method.
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The bid notice reads: “Requests for proposals are invited from reputed national or international entities for undertaking the development, finance, operation, and maintenance, and transfer of Centaur Lake View Hotel, Srinagar for a concession period of 60 years (including construction period).”
Prospective bidders are required to submit their proposals by 29 January, with the final bid due date scheduled for 28 February.
This initiative is part of a broader effort by the J&K government, which began the process of taking over the hotel from the Hotel Corporation of India in 2022.
In June 1979, the J&K Government agreed to lease out 13 acres of land in Cheshmashahi, Srinagar, to HCI for 90 years.
The Centaur Lake View Hotel is also a favoured accommodation for official delegates hosted by the state government from various states and countries throughout the year, enhancing its value as a business opportunity for investors.