Latest news with #ZillionHotelsandResorts
Time of India
25-04-2025
- Business
- Time of India
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.
Business Standard
24-04-2025
- Business
- Business Standard
Apeejay Surrendra Park rises after acquiring 90% stake in Zillion Hotels
Apeejay Surrendra Park Hotels added 1.62% to Rs 157 after the company announced the signing of binding memorandum of understanding for acquisition of 90% stake of Zillion Hotels and Resorts from its existing shareholders The existing shareholders of Zillion Hotels are Handa Family and Nair Family. Zillion Hotels and Resorts is in the business of owning and operating the Z Luxury Residences, including 62 service residences and food & beverage facilities located at 29/1 J R Mhatre Road opp Iris Park Juhu, Mumbai, Maharashtra, India, 400049. The said stake has been acquired for a cash consideration of Rs 209.25 crore. "Consequent to the aforesaid acquisition, Zillion Hotels and Resorts will become a subsidiary of the company, Apeejay Surrendra Park Hotels said in a statement. Apeejay Surrendra Park Hotels (ASPHL) is a part of the diversified Apeejay Surrendra Group, based in Kolkata. The company has seven owned luxury boutique hotels, located across Bangalore, Chennai, Hyderabad, Kolkata, Navi Mumbai, New Delhi and Vizag. The company has four leased hotels with 244 rooms and has management contracts for 22 operational properties in various locations with a total inventory of 1,050 rooms. It also runs a chain of bakery and confectionary items, named Flury's, through 82 outlets as of May 2024.
