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Eco Hotels and Resorts Ltd on Thursday said it has expanded into the Bengaluru market by opening a 60-room property and looks to make operational two new hotels in Kota and Nagpur by early next month. The mid-segment hotel chain in a statement said that it has achieved a major milestone and will be entering Bengaluru, the Silicon Valley city of India, with a 60-room property under the 'EcoExpress' brand. Eco Hotels is also gearing up to open two properties at Nagpur with 44 rooms and Kota with 63 rooms by the month-end or early February 2025, it said. The sustainable hospitality services provider said Baroda and Aurangabad hotels are undergoing interiors and will become operational soon. Through our expansion into fast-growing markets like Mysore, Nagpur, and Shirdi, we are strengthening our footprint as well as catering to the travel requirements of environmentally conscious hospitality, Vinod K Tripathi, Executive Chairman of Eco Hotels and Resorts said. The new openings align .
The National Company Law Appellate Tribunal (NCLAT) has set aside hospitality major EIH Ltd's petition against an NCLT order approving the sale of Hyderabad-based Golden Jubilee Hotels. The appellate tribunal upheld the earlier decision of the National Company Law Tribunal (NCLT), allowing the bid of a Singapore-based entity and said the business decision by the majority of the CoC (Committee of Creditors) "cannot be questioned or looked into". "This recent judgment leaves no doubt about reinforced faith in commercial wisdom of CoC and little scope of any judicial intervention," said a two-member bench of the NCLAT. Earlier, the Hyderabad Bench of NCLT had approved the bids of Singapore-based BREP Asia II Indian Holding Co II (NQ) PTE on February 7, 2020, which was challenged before NCLAT by EIH, a flagship company of The Oberoi Group. EIH, which was managing Golden Jubilee Hotels and has 16 per cent shareholding, contended that it could not be treated as a promoter and become ...
Eco Hotels and Resorts Ltd looks to become profitable by the end of next fiscal and has acquired three properties with around 178 keys, according to a statement. The hospitality company which aims to develop eco-friendly properties with zero carbon footprint is also on course to hit 400-room capacity by month-end, the statement said. Eco Hotels & Resorts CFO Vikram Doshi said, We are committed to turn the company into profit by end of March 2026. We want to turn this company soon into one of the leading hotel companies of India. In its very first year of operation in India, Eco Hotels is setting new standards in sustainable hospitality, the official said. Eco Hotels has also announced the acquisition of three properties. These include a 90-room property in Mysore (Karnataka) a 44-room hotel at Tirupati (Andhra Pradesh), and another 44-room asset in Nagpur (Maharashtra). The company board recently approved the acquisition of these properties on a long-term lease basis. Moreover, .
The Indian Hotels Company (IHCL) reported a 18 per cent growth in consolidated Profit After Tax (PAT) to Rs 451.95 crore in the December quarter, on strong performance in all verticals. The hospitality company's PAT stood at Rs 382.71 crore in the year-ago period, the company said in a statement. The company's revenue from operations grew 16.49 per cent to Rs 1,963.84 crore in the third quarter of the ongoing fiscal compared to Rs 1,685.80 crore a year ago. IHCL Managing Director and CEO Puneet Chhatwal told PTI that the performance during the quarter was driven by strong performance in all verticals. "IHCL reported an all-time high consolidated PAT margin of 22.6 per cent, marking seven consecutive quarters of record financial performance. This robust performance was enabled by 'same store hotels' clocking RevPAR premium across markets and segments, and the scaling of new businesses," he said. The company's new business vertical comprising Ginger, Qmin, ama Stays & Trails, The ..