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.

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