Eco Hotels and Resorts Ltd cancels deal to acquire Vitizen Hotels Ltd, approves new acquisitions

The Board of Directors of Eco Hotels and Resorts Ltd at their meeting held today i.e. (Thursday, April 25, 2024) at 4.30 P.M. discussed and approved the proposal of the management for taking over a hotel property having 63 rooms situated at Kota, Rajasthan on a long term lease basis.

The Board approved the proposal of the management for taking over a hotel property having 57 rooms situated at Vadodara, Gujarat on a long term lease basis.

The Board, after deliberations, granted in principal approval, to the proposal of management to acquire hotel properties at Amritsar, Goa, Manali, Varanasi, Noida, Khopoli, Hubli, Udaipur, Tirupati, Mysore, Chennai and Rewa for which proposals have been received by the management from the respective owners and management is actively negotiating the terms and conditions of the deal.

The Board authorised CEO (Mr. Akash Bhatia) and CFO (Mr. Vikram Doshi) to sign the lease agreements with the owners of the Hotels.

The board also approved the termination of deal to acquire 100% shares of Vitizen Hotels Limited:

On 10th February 2024 the Board has approved the proposal for acquisition of 100% shares of Vitizen Hotels Limited (VHL) from shareholders of VHL, and subsequently on 12th February 2024 company has signed MOU with the shareholders of Vitizen Hotels Limited (VHL).

Board, after deliberations, decided to cancel the deal initiated and approved earlier for purchase of Vitizen Hotels Limited because issues which emerged during due diligence remained unreconciled and promoters of Vitizen were also not keen on continuing with the deal.

Source : Equity Bulls

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EcoHotelsandResorts DealCancellations NewDeals