Royal Orchid Hotels Ltd signs up management agreement for new property in Surat, Gujarat

In line with their rapid expansion plans, Royal Orchid Hotels Limited has signed a management agreement for an upcoming 5-star hotel in Surat, Gujarat. The new property will be managed by ROHL in partnership with Hindva Hospitality, LLP. ROHL will oversee this property under a new upscale brand, which will be launched soon.

The hotel will feature 288 well-appointed upscale rooms, 3 restaurants, 6 conference rooms, 1 exhibition hall, and a multi-service wellness and spa. Expected to open in May 2024, the hotel aims to attract tourists and guests from across the country for its rich heritage and cultural legacy.

Chander K Baljee, Chairman & Managing Director, "The signing of the new property is in line with Royal Orchid brand's overarching growth plans of being present in all major business transits and hubs. With increasing year-round occupancy, Gujarat has great potential to remain the preeminent business centre of the nation. With the intention of fully capitalising on the immense potential of this state, our strategy is to operate hotels in diverse locations throughout the state."

Keyur Kheni - MD - Hindva Hospitality, "Hindva Hospitality are excited to be a partnership with Royal Orchid Hotels Ltd. to unveil our beautiful asset in my hometown."

Philip Logan - Chief Operating Officer, "Royal Orchid Hotels Ltd. expansion plans coincide with Surat's growing prominence as a business hub, spurred by the establishment of the diamond bourse and the eagerly anticipated MAHSR - bullet train, coupled with its proximity to Mumbai. Surat is becoming a mustvisit destination in vibrant Gujarat, making it an opportune location for ROHL growth strategy."

Shares of Royal Orchid Hotels Limited was last trading in BSE at Rs. 330.25 as compared to the previous close of Rs. 366.90. The total number of shares traded during the day was 81929 in over 4112 trades.

The stock hit an intraday high of Rs. 373.35 and intraday low of 325.45. The net turnover during the day was Rs. 28436931.00.

Source : Equity Bulls

Keywords

RoyalOrchidHotels INE283H01019 ManagementAgreement 5StarHotel Surat Gujarat