Bengaluru, Sep 5: An iconic hotel in Bengaluru has been sold for Rs 60 crore. Once famous for its political gatherings, rava idli and dosa, the Cauvery Continental on Cunningham Road has been sold.
The hotel spanned over 41,000 sqft of land and was owned by the Sait family and Ramesh Sundermurthy. The property was sold to Satish Chandra, promoter of the Global Technology Park, TOI said while quoting sources.
The deal is one of the largest for a single-acre property in the heart of the city. A Bengaluru-based property consulting firm was also in the race and had offered about Rs 45 crore. Chandra has plans to build a high-end residential property.
Cauvery, which shut shop towards the start of the century, was inaugurated in the 1970s by then civil aviation minister Sarojini Mahishi, a close friend of former prime minister Chandra Shekhar.