Chennai, Nov. 15
THE MGM Group, which has interests in logistics, hospitality and theme parks, is all set to acquire Aruna Hotel in Chennai, which belonged to the erstwhile Aruna Sugars.
The group also plans to acquire two more three-star properties in the city, a company spokesperson told Business Line. The investment into the acquisitions would be around Rs 60 crore, he said.
The takeover of the Aruna Hotel is in an advanced stage and an advance has been paid. However, the spokesperson did not reveal what the consideration was. Pending completion of due diligence and other formalities, the promoters of Aruna Hotel have escrowed a part of their holdings in favour of MGM Group, a press note said.
According to the spokesperson, this is part of the corporate strategy to take advantage of the boom in the hospitality business.
The group has five hotel properties and is the franchisee for the Marry Brown restaurant chain in India.