Shares of Viceroy Hotels to resume trading from 3 April 2024
Shares of Viceroy Hotels Limited listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will resume trading on April 3, 2024.
Viceroy Hotels has recently emerged out of its Corporate Insolvency Resolution Process (CIRP) in which Anirudh Agro Farms Limited (AAFL) had emerged as the Successful Resolution Applicant. The CIRP concluded with NCLAT Chennai Bench passing an order on 6th October 2023 approving the Resolution Plan submitted by AAFL. Viceroy Hotels Limited in a filing dated 6th January 2024 had disclosed to the exchanges that all payments proposed to be made under the Resolution Plan have been duly made by Loko Hospitality Private Limited – a subsidiary of Anirudh Agro Farms Limited.
Viceroy Hotels Limited owns two hotels – Marriott & Courtyard by Marriott on a 4.5-acre freehold land parcel on Tank Bund in the heart of Hyderabad City near the new secretariat. Together, the hotels have 409 operational rooms with infrastructure in place to increase inventory to 493 rooms, making it one of the largest hotel properties in Hyderabad. It also boasts of one of the largest convention centers in the city. The hotel property is iconic and boasts of a rich legacy. It was one of the earliest five-star rated hotels in Hyderabad. Prior to the operations being taken over by the Marriott group, the hotel was referred to as THE VICEROY.
The hotel industry is currently witnessing a boom for the past two years on the back of post-Covid business travel and tourism revival. The ARRs and Occupancies are at record levels and the industry expects the phenomenon to continue in the foreseeable future with demand outpacing supply addition, thereby ushering a new paradigm shift in hospitality revenues.
“The company is looking to expand its assets across the country with strategic acquisitions of distressed hotel assets. We are excited about the hotel landscape, given the strong demand and increase in domestic travel we expect the industry and our ARRs to grow significantly,” said K. Ravinder Reddy MD of Viceroy Hotels.
Also Read: NCLAT reverses NCLT order; approves resolution plan of Viceroy Hotels
