Shares of Viceroy Hotels will resume trading on the National Stock Exchange and the BSE today after the CIRP process.
The company hasrecently emerged from its Corporate Insolvency Resolution Process (CIRP), in which Anirudh Agro Farms Limited (AAFL) emerged as the successful resolution applicant.
The CIRP concluded with NCLAT Chennai Bench passing an order on October 6, 2023, approving the Resolution Plan submitted by AAFL. Viceroy Hotels recently, on January 6, 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 AAFL.
Viceroy Hotels owns Marriott & Courtyard by Marriott on a 4.5-acre freehold land parcel on Tank Bund in Hyderabad. Together, the hotels have 409 operational rooms, and infrastructure is in place to increase inventory to 493 rooms, making them one of the largest hotel properties in Hyderabad, it said in a note.
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.