The MoU covers a 12-year lease arrangement for all four properties, which together comprise a total of 138 rooms, 42 in Goa, 24 each in Manali and Shimla, and 48 in Dharamshala. The properties will be operated under the company’s hospitality brand.
As per the MoU, the properties in Goa and Dharamshala are expected to be operational within 60 days following the execution of definitive lease agreements. The properties in Manali and Shimla are expected to become operational within 90 days.
Apeejay Surrendra Park Hotels is primarily engaged in the business of owning, operating and managing hotels in India under the names The Park Hotels, The Park collection and Zone by the Park.
The company’s consolidated net profit rose 44% to Rs 26.56 crore on 16.3% increase in revenue from operations to Rs 177.32 crore in Q4 FY25 over Q4 FY24.
Shares of Apeejay Surrendra Park Hotels rose 0.74% to Rs 162.65 on the BSE.