Hospitality firm Viceroy Hotels that owns Marriott and Courtyard by Marriott hotels in Hyderabad is open to acquisitions of distressed hotel assets as part of expansion plans.
“The company is looking to expand its assets across the country with strategic acquisitions of distressed hotel assets,” managing director K. Ravinder Reddy said in a release, announcing resumption of trading of Viceroy Hotels shares on BSE and NSE on April 3. The company recently emerged from its corporate insolvency resolution process (CIRP) in which Anirudh Agro Farms (AAFL) was the successful resolution applicant.
In a release, Mr. Reddy said the company is upbeat about the hotel landscape, given the strong demand and increase in domestic travel and expected the industry and its ARRs (average room rates) to grow significantly. 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 trend to continue in foreseeable future with demand outpacing supply addition.
