The Tatas-owned Indian Hotels Company has put the Gateway Riverview Lodge in Chiplun on the block as part of a restructuring. The IHC board is slated to meet on July 28 to consider the proposal.

Senior officials of Taj group said, "The Chiplun property is small and its value is estimated at Rs 3-4 crore (Rs 30-40 million). We have got two offers, one proposal is from within the Taj group and the other from a third party. Both the proposals will be considered at the meeting."

IHC, the holding company of the Taj group, is planning to focus only on luxury properties and is selling properties that does not fit into its profile to other Taj group firms.

The Taj group has a presence in luxury, leisure and business hotels. Luxury hotels contributes the largest to IHCL's turnover.

Recently, IHC has sold its two properties - Taj Blue Diamond Hotel in Pune and Taj Residency Hotel in Lucknow - to associate company Piem Hotels for Rs 100 crore (Rs 1 billion).

Piem Hotels is an associate company of IHCL which owns Hotel President in Mumbai. It also owns Taj Residency in Bangalore and Indore and the Taj View at Nashik.

IHCL has equity interests in a number of associate hotel companies such as Oriental Hotels Ltd., Piem Hotels Ltd. Taj GVK Hotels & Resorts Ltd, Indian Resort Hotels Ltd both listed and unlisted.