The Delhi Development Authority (DDA) has renewedthe lease of the Taj Palace Hotel for 25 years, it was announced here Thursday.
Situated in south Delhi's Sardar patel Marg near Chanakyapuri, the lease willcome into effect April 1, 2013.
"The Indian Hotels Company Limited (Taj Group) is pleased to confirm thatit has receivedtheconsent from the DDA confirming renewal of the license forthe Taj Palace Hotel for a further period of 25 years," a statement said.
According to the hotel, it had originally entered into an agreement with DDAfor the construction and license of the hotel for 30 years effective from April1, 1983.
"IHCL has enjoyed a very cordial and beneficial business association withDelhi Development Authority over the past three decades and this recentdevelopment will further strengthenour partnership with DDAin the years tocome," said Raymond Bickson, Managing Director and Chief ExecutiveOfficer, IHCL.
"The hotel has great equity in the industry owing to its superlativeservice standards, advantageous location and warm Indian hospitality," headded.
The hotel has hosted several world leaders and heads of state like FrenchPresident Nicolas Sarkozy, former Chinese Premier Wen Jiabao, Russian PrimeMinister Dmitry Medvedev, and former US Secretary of State Hillary Clinton.