Apeejay Surendra to acquire 90% in Zillion Hotels
Apeejay Surrendra Park Hotels to Acquire 90 per cent Stake in
Zillion Hotels
and Resorts for ₹210 Crore
In a significant move to expand its portfolio, Apeejay Surrendra Park Hotels has announced its intention to acquire a 90 per cent stake in Zillion
Hotels and Resorts
for approximately ₹210 crore. The
acquisition
, which is set to enhance the company's footprint in the hospitality sector, was formalized through a binding
Memorandum of Understanding
with the existing shareholders, predominantly the Handa and Nair families.
Apeejay Surrendra Park Hotels, renowned for its flagship
Park brand
, operates a diverse range of properties that cater to both business and leisure travelers. This acquisition marks a strategic step for the company as it seeks to bolster its market presence and diversify its offerings in a competitive landscape. With the
hospitality industry
gradually rebounding from the challenges posed by the COVID-19 pandemic, this acquisition positions the firm to capitalize on the growing demand for quality accommodations.
The Zillion Hotels and Resorts brand, known for its upscale amenities and services, is expected to complement the Park brand's existing portfolio. The integration of Zillion not only promises to enhance the guest experience but also aligns with Apeejay's vision of sustainable growth and innovation in the hospitality sector.
In its regulatory filing, Apeejay Surrendra Park Hotels emphasized the potential synergies that could arise from this acquisition, projecting an optimistic outlook for the combined entity. The transaction is subject to customary regulatory approvals and is anticipated to close in the coming months.
As the hospitality industry navigates its recovery, this acquisition reflects the strategic maneuvers by established players in the market to strengthen their positions and expand their reach.
Investors
and market analysts will be keenly watching how this acquisition unfolds and its implications for the broader hospitality landscape in India.
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