MoU26 Jul 2024, 02:47 pm
Chalet Hotels Ltd Approves Rs.137 Crore Land Purchase in Goa for 5-Star Hotel Development
AI Summary
Chalet Hotels Ltd announced that a Committee of the Board has approved a transaction for purchasing a land parcel in Goa, intending to develop a 5-Star luxury hotel. The company is in the process of executing definitive agreements in accordance with applicable laws and procedural requirements. The land parcel measures ~11 acres and the transaction value is Rs.137 Crore (exclusive of Stamp Duty and Registration charges).
Key Highlights
- Chalet Hotels Ltd approved a land purchase transaction in Goa for a 5-Star luxury hotel development.
- The land parcel is approximately 11 acres in size.
- The transaction value is Rs.137 Crore, exclusive of Stamp Duty and Registration charges.
- The company is in the process of executing definitive agreements.
- The transaction does not involve any related parties and is not done at 'arm’s length'.