Grand Continent Hotels Limited Enters into Memorandum of Understanding for Hotel Operation
Grand Continent Hotels Limited announced on March 30, 2026, that it entered into a Memorandum of Understanding (MOU) with M/s Idris Hotels and Resorts, a proprietorship firm owned by Ms. Kalima Banu, to facilitate a definitive lease and license/revenue-sharing agreement for hotel operations. The MOU is intended to enable the operation of a hotel by Grand Continent Hotels Limited.The MOU will remain in effect for 12 months, with the subsequent lease and license/revenue-sharing agreement anticipated to extend for nine years.
Under the agreement, Grand Continent Hotels Limited will operate a hotel with 30 rooms at a property located in Vadapattinam Village, Cheyyur Taluk, Kanchipuram District, Chennai. The hotel will include a lobby, reception area, kitchen, restaurant, gym, car park, office space, board room, banquet hall, and swimming pool, and will operate under the "Grand Continent" brand.
Table: Details of Agreement
| Particulars | Details |
|---|---|
| Name(s) of parties with whom the agreement is entered | M /s Idris Hotels and Resorts a proprietorship firm with PAN QFQPK5956E with Ms. Kalima Banu as the proprietor, having her principle Business at Plot No 160 &161 VGP Golden Beach part II,VGP 3 rd main Road , Uthandi, Chennai-600119 |
| Purpose of entering into the agreement | For purpose of entering into a definitive leave and licence/revenue share agreement with intent to operate a hotel by Grand Continent Hotels Limited |
| Period for which the agreement is Entered | MOU: 12 months Leave and License Agreement/ Revenue Share Agreement: 9 years |
| Significant terms of the agreement (in brief) | GCH shall be operating a hotel in the Property located at old Survey No. 190/1 New Survey No. 190/1B1B situated at Vadapattinam Village, Cheyyur Taluk, Kanchipuram District Chennai The property shall have 30 Rooms, 1 lobby cum reception, Kitchen, Restaurant, Gym, Car park area, office space, Board Room, Banquet hall and Swimming Pool GCH shall operate the property as a hotel under the brand name of ' Grand Continent' |
| Whether the transaction would fall within Related Party Transactions? If yes, whether the same is done at 'arm's length. | No |
| Any other disclosure related to such Agreements | Nil |
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