It may be underlined that the Cochin Port Authority owns the property and may finalize the tender soon, leasing the property to Taj Group of hotels. Reportedly,  the Group has quoted Rs. 1.25 crore per year as the lease amount. The pre-bid meeting was held on April 19. However, the deadline for submitting the bid was extended. 

The port had invited tenders early this year to lease out the property. There were other luxury hotel groups and corporate firms in the fray to get the property on lease. But the Taj Group had the right of first refusal in the bidding process, which helped it to retain the property.

Taj has been operating the hotel since 1984for an annual lease amount of ₹75 lakh a year. After the expiry of the lease period, the Taj  Group was operating the property on an extended lease agreement. 

The Cochin Port plans to lease or rent out a few more vacant lands and such buildings situated on Willingdon island to hospitality groups and commercial entities.

The development comes in the wake of India’s setting up a cruise terminal and convention centres, to explore the tourism potential in the region.

The shifting of container handling facilities to nearby Vallarpadam Island upon the commissioning of the International Container Transhipment Terminal in 2012 has offered space availability and the port management has several plans to capitalise on it.