Grand Continent Hotels gains on inking MoU to operate new hotel property in Varanasi

Grand Continent Hotels added 1.85% to Rs 156.50 after the company announced that it has signed a Memorandum of Understanding (MoU) to move toward a definitive lease and rental agreement with The Luxuria Group for operating a new hotel property.

According to the companys exchange filing, the MoU outlines plans for Grand Continent Hotels to lease and operate a hotel located at Plot No. B-27/93 D, Mohalla Durgakund, Varanasi, Arazi No. 106, Gram Bhadeni Pragna Dehat, Tehsil & District Varanasi. The property will feature 72 rooms, a lobby, reception area, gym, and car parking facilities. Once finalized, the hotel will be operated under the Grand Continent brand.

The MoU will remain valid for six months, while the proposed rental, lease, or leave-and-license agreement is intended to cover a period of 10 years.

Grand Continent Hotels is in the business of hospitality (owning, operating and managing hotels).

On a full-year basis, the companys consolidated net profit zoomed 160.8% to Rs 10.64 crore on 132.5% jump in total revenue to Rs 72.62 crore in FY25 over FY24.

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