India's Millitoons Entertainment buys nine U.S. hotel businesses

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. 

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.

Suggested Articles

Tech provider Zoox Smart Data has deployed its Zoox Media solution across 4,141 Choice-branded hotels.

Oxford Capital Group’s wholly owned affiliate, Oxford Hotels & Resorts, has taken over management of the properties.

The co-founders of Reform Lodging requested that leading global operators consider eliminating or reducing complimentary breakfast requirements.