It's not always China making big buys in the U.S. Indian businesses are also making inroads and finding success in the hospitality sector.
Hyderabad-based design solutions company Millitoons Entertainment announced plans to get into the hospitality game. This week, sticking to an August resolution to “consider business opportunities and various options for organic and inorganic growth,” the company said that it has “entered into an agreement to acquire nine companies thatown well-established hotels in the United States for a total cost of $73.25 million.”
According to Millitoons’ BSE filing, the hotels run by these companies are “under management contract with established brands such as Holiday Inn.” The company is also in the process of renovating the property and signing a management contract with Sheraton Plus and another one with Best Western.
The transaction is expected to be closed in various stages ranging from 2-12 months after completion of due diligence/obtaining statutory approvals and completing financial closure by Millitoons to meet its obligations.