Apeejay Surrendra Park Hotels Limited has informed the Exchange about Acquisition
PARKHOTELS · price
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Apeejay Surrendra Park Hotels Limited has signed a Share Purchase Agreement to acquire 90% stake in Zillion Hotels and Resorts Private Limited, with an option to buy the remaining 10% later based on certain events. Zillion operates the 'Z Luxury Residences' in Juhu, Mumbai, which includes 62 service residences along with food and beverage facilities. The acquisition cost is up to ₹206.55 crore, payable in cash. Once completed, Zillion will become a subsidiary of Apeejay Surrendra Park Hotels. The deal is expected to be completed in about 18-20 months. The transaction is not a related party transaction and is in the company's main line of business (travel and hospitality).
This acquisition expands Apeejay Surrendra Park Hotels' footprint in Mumbai's premium serviced residence segment, adding 62 service residences and F&B assets. For shareholders, this is a strategic move into the luxury hospitality space, though the 18-20 month completion timeline means benefits will accrue gradually.