Grand Continent Hotels Lands Revised MOU to Operate Hotel in Tamil Nadu Property
Grand Continent Hotels Limited has entered into a revised Memorandum of Understanding (MOU) with M/s. EVP Film City for the purpose of establishing and operating a hotel on the property located in Chennai, Tamil Nadu. This revised agreement supersedes the previous MOU dated September 18, 2024, reaffirming the terms of the intended commercial arrangement.The partnership involves Grand Continent Hotels Limited (GCH) and EVP Film City, which is the owner of the site. The transaction was structured to ensure a definitive commercial arrangement for operating a hotel in the property located at EVP Santhosha Nagar, Chennai - Bangalore National Highway, Chembarambakkam, Poonamallee, Kanchipuram - 602103, Tamil Nadu.
The agreement details GCH's responsibility to operate the site as a hotel under the brand name of 'Grand Continent'. The property is scheduled to house 63 rooms and feature essential amenities including a lobby cum reception, kitchen, banquet hall, gym, and car park area.
The partnership outlines specific timelines for both the Memorandum of Understanding and the subsequent Definitive Agreement. GCH has affirmed that the transaction does not fall under Related Party Transactions and is conducted at arm's length.
Key terms of the agreement are as follows:
| Parameter | Detail |
|---|---|
| Counterparty | M/s. EVP Film City, Tamil Nadu |
| Property Location | EVP Santhosha Nagar, Chennai - Bangalore National Highway, Chembarambakkam, Poonamallee, Kanchipuram - 602103, Tamil Nadu |
| Scope of Operation | Operating a hotel with 63 Rooms and necessary facilities (lobby, kitchen, banquet hall, gym) |
| MOU Period | 120 Days |
| Definitive Agreement Duration | 9 years |
GCHOTELS Stock Price Movement
Grand Continent Hotels Limited shares closed today, shedding 2.11% after settling at ₹109.00. The stock traded within a daily range of ₹107.20 to ₹113.00 amid the post-market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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