Viceroy Hotels Ltd, a franchisee of global hospitality major Marriott International Inc, said it will hive off its 5.6-billion-rupee Chennai project division to raise cash. The company on Monday, in a filing with the Bombay Stock Exchange, said its board approved of the move to sell the unit that includes its 387-room luxury hotel and residential projects in Chennai. The hotel chain, in an effort to cut out debt on its balance sheet, has opted to sell one project after the other. It, currently, has a total debt of 4.5 billion rupees, the company told PTI.

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