Apeejay Surrendra Park Hotels rises on entering into MoU with Katsons Hotel and Developer, Ved Parkash Kataria
Apeejay Surrendra Park Hotels is currently trading at Rs. 163.00, up by 1.55 points or 0.96% from its previous closing of Rs. 161.45 on the BSE.
The scrip opened at Rs. 163.45 and has touched a high and low of Rs. 163.65 and Rs. 161.10 respectively. So far 40744 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 208.40 on 03-Jan-2025 and a 52 week low of Rs. 128.75 on 07-Apr-2025.
Last one week high and low of the scrip stood at Rs. 166.90 and Rs. 154.05 respectively. The current market cap of the company is Rs. 3444.93 crore.
The promoters holding in the company stood at 68.14%, while Institutions and Non-Institutions held 15.52% and 16.34% respectively.
Apeejay Surrendra Park Hotels has entered into Memorandum of Understanding (MoU) with Katsons Hotel and Developer and Ved Parkash Kataria, in relation to acquiring on lease and managing properties located at Goa (42 rooms), Manali (24 rooms), Shimla (24 rooms), and Dharamshala (48 rooms), under the company's hospitality brand. The MoU contemplates a 12-year lease arrangement for all four properties with a total of 138 rooms.
Post execution of definitive lease agreements, the properties in Goa and Dharamshala are expected to be operational within 60 days and the other two properties at Manali and Shimla within 90 days. This proposed arrangement is in line with the company's strategic expansion into high-potential leisure destinations. The property in Goa will further strengthen the company’s position in the market and the others will strengthen its position in the fast growing tourist market of Himachal Pradesh.
Apeejay Surrendra Park Hotels is engaged in the hospitality business operating under the brand names of 'THE PARK', 'THE PARK Collection', 'Zone by The Park', 'Zone Connect by The Park' and 'Stop by Zone'.
