Housing Development Finance Corporation Limited (HDFC) Ltd. (BSE:500010)is expected to sell a loan portfolio of two five-star hotels in Ghaziabad to Prudent Asset Reconstruction business, Economic Times has reported citing people aware of the development. These two five-star hotels operate under the Radisson Blu brand, they said. Prudent Arc Limited's has issued a binding offer of INR 3,110 million which results in a 61% recovery for HDFC.

According to the report, Prudent's offer prompted a Swiss challenge auction for hotel properties with total loans of INR 5,070 million. Moreover, HDFC has also invited counteroffers from other ARCs by 26 June, notice issued by the company states as reported by ET.