Daijiworld Media Network – Panaji

Panaji, Apr 3: In a development that marks the end of an era, the iconic Mandovi Hotel, reputed to be Goa’s first star-rated hotel, is set to go under the hammer. The Goa Urban Co-operative Bank Ltd has announced plans to auction the property following a prolonged financial dispute.

The hotel, once a thriving landmark located along the picturesque Mandovi River, has remained closed for several years due to ownership controversies and unresolved financial liabilities. Efforts to settle the issue amicably failed, leading the bank to initiate the auction process.

According to sources, the decision to auction the property was taken after the owner defaulted on a substantial loan. With no resolution in sight, the bank has now set a base price of Rs 4 crores for the auction.

Hotel Mandovi, which has hosted countless visitors and dignitaries over the decades, holds historical significance for Goa’s hospitality industry. Its closure and impending auction have sparked discussions about preserving the heritage associated with the establishment.

Local stakeholders have expressed concern over the fate of the hotel, urging authorities to ensure that any redevelopment plans respect the legacy of the iconic structure.

The auction is expected to attract considerable interest, given the prime location and storied past of the property.