DB Realty to acquire stakes in 3 hotels for more than Rs 2,300 cr

Mumbai-based D B Realty Ltd on Monday said it will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty and BD And P Hotels for more than Rs 2,300 crore. These deals fall into related party transactions and are done at an arm's length basis, D B Realty said, adding this will enable the company to enter into the hospitality business. In a regulatory filing, D B Realty informed that it has entered into separate share purchase agreements to acquire shares of Bamboo Hotel Global Centre (Delhi) Pvt Ltd, Goan Hotels & Realty Pvt Ltd and BD And P Hotels (India) Pvt Ltd. As per the filing, Bamboo Hotel and Global Centre (Delhi), a joint venture between Prestige Hospitality Ventures Ltd and Marine Drive Hospitality & Realty Pvt Ltd (MDHRPL), is constructing a hotel complex 'Prestige Trade Centre at Aerocity, New Delhi. D B Realty will acquire 10,10,000 Class A equity shares in Bamboo Hotel for a total consideration of Rs 608.88 crore. The property is leased out by ...

from Companies https://ift.tt/onOw70l
via IFTTT