Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 of entering into Hotel Management Agreement.
SAYAJIHOTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sayaji Hotels has signed a Hotel Management Agreement with Vicon Imperial (I) Private Limited to manage and operate a star-rated hotel at Labhandi, behind Magneto Mall in Raipur, Chhattisgarh. The property will feature 101 keys, 3 restaurants, a gym, swimming pool, and spa, and will operate under the 'Sayaji' brand. The agreement is for 180 months (15 years) from commercial commencement, targeted on or before April 1, 2026. This effectively replaces an earlier agreement from March 2017 (amended in October 2018 for 15 years 3 months), which is being terminated on March 31, 2026. The transaction is a related-party deal since a relative of Mr. Raoof Razak Dhanani is a Director in Vicon Imperial.
The deal strengthens Sayaji Hotels' brand presence by adding a managed property in Raipur, but investors should note it is a related-party transaction, which requires arm's-length justification. Since the new agreement largely continues the prior arrangement, the near-term impact on the stock is likely to be neutral.