Liquidity Events
EAAA exits as Vatika Hotels refinances Rs.550-Cr debt with Kotak Bank
Vatika Hotels , owner of The Westin Gurgaon, has refinanced INR 550 crore of debt through Kotak Mahindra Bank, marking the exit of India Special Assets Fund III (ISAF III), managed by EAAA India Alternatives. Vatika Hotels, incorporated in 2004 as a special purpose vehicle of the Delhi-NCR-based Vatika Group, owns and operates The Westin Gurgaon.The refinancing follows a multi-year turnaround after the hotel company slipped into financial stress during the Covid-19 pandemic and defaulted on loans from lenders, including Piramal Capital and Goldman Sachs.In early 2024, funds managed by EAAA India Alternatives restructured Vatika Hotels’ debt. The company’s balance sheet improved after the restructuring. Total debt declined from around INR 1,000 crore at the beginning of 2023 to nearly INR 700 crore by mid-2024, while a subsequent equity infusion by the promoter reduced borrowings further to below INR 600 crore. The company has since moved from a default position in FY21 to obtaining a BBB investment-grade rating in December 2025
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