M&A

M&A

Greenpark Hotels acquires Four Points by Sheraton at Chennai for Rs.53-Cr

Economic Times   Business Line  

Greenpark Hotels and Resorts has acquired Four Points by Sheraton in Chennai for about INR 53 crore from publicly-listed SAMHI Hotels. This is the third acquisition of the Group in Chennai and would add 116 rooms to the existing portfolio of 1,283.SAMHI would sell 100% stake in its wholly-owned subsidiary, Duet India Hotels Chennai OMR (Four Points by Sheraton) to Green Park Hotels & Resorts. SAMHI would use the proceeds to reduce debt.The subsidiary reported a total revenue of INR 11 crore, at EBITDA of INR 2.3 crore, with a net loss of INR 3.3 crore during the nine-month period ending December 31, 2024.