PARKHOTELS to acquire 90% stake in Zillion Hotels and Resorts for up to ₹206.55 crore
The acquisition of a 90% stake in Zillion Hotels and Resorts for up to ₹206.55 crore represents a substantial investment and strategic expansion into a new asset, significantly impacting the company's asset base, revenue potential, and market presence.
The acquisition of a 90% stake in Zillion Hotels and Resorts, which owns Z Luxury Residences in Mumbai, expands PARKHOTELS' portfolio and presence in a key market, indicating strategic growth.
* Apeejay Surrendra Park Hotels Limited (PARKHOTELS) has entered into a Share Purchase Agreement to acquire a 90% stake in Zillion Hotels and Resorts Private Limited from its existing shareholders. * There is an option to acquire the balance 10% shareholding subsequently, based on certain events, which will make Zillion Hotels and Resorts Private Limited a subsidiary of PARKHOTELS. * Zillion Hotels and Resorts Private Limited is in the business of owning and operating the Z Luxury Residences, including 62 service residences and food & beverage facilities located in Juhu, Mumbai. * The total cost of acquisition is up to ₹206.55 crore (INR 2,065,500,000/-). * The consideration for the acquisition is cash. * The acquisition of the 90% shareholding is expected to be completed over an indicative period of about 18-20 months.
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Apeejay Surrendra Park Hotels Limited filed this with the NSE as a statutory disclosure, categorised under mergers & acquisitions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Apeejay Surrendra Park Hotels Limited. Read the original for the full detail.