CG, NE acquire Summit Hotel

19 March 2015
Diversified conglomerates Chaudhary Group (NE) and NE Group have purchased a 60 percent stake in Summit Hotel based in Kupondol, Lalitpur.

Diversified conglomerates Chaudhary Group (NE) and NE Group have purchased a 60 percent stake in Summit Hotel based in Kupondol, Lalitpur. An agreement to this effect was signed on Monday.

Ravi Bhakta Shrestha, vice chairman and managing director of NE Group, said the joint investment’s objective is to develop the hotel as an international-class heritage hotel.

The property has been valued at Rs 850 million. “We plan to give the hotel a major makeover to provide quality hospitality services,” said Shrestha.

He said the hotel will be expanded further. “If necessary, we will be looking for a foreign partner to develop and expand the business in a phase-wise manner in the near future.”

On October 2012, the Summit Holdings had fully acquired the Summit Hotel. The three-star Summit Hotel had been run by a Dutch group Foundation Nepal Holland House since 1978.

Known as a Nepali-style hotel with Western comforts, the Summit offers 73 rooms. Its garden contains unique and special plants and trees which provide a home for birds and small animals.

The hotel has been popular for meeting, incentive, conference and exhibition (MICE). It attracts adventure travellers besides executives from development organisation and the business community.

The Summit offers apartments like Himalaya View Wing Rooms, Garden Wing and Summit Towers for luxury travellers. It also provides facilities for budget clients through its Holland House rooms and Summit Apartments.