Apeejay Surrendra Park Hotels (NSE:PARKHOTELS, BOM:544111) has entered into a memorandum of understanding to acquire a 90% stake of Zillion Hotels and Resorts for up to 2.09 billion Indian rupees, according to a Thursday filing to the Indian stock exchanges.
Zillion Hotels owns and operates Z Luxury Residences, including 62 service residences and, food and beverage facilities in Mumbai, India.
On completion of the acquisition, Zillion Hotels will become a subsidiary of Apeejay.
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