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Phoenix Township gets nod to acquire stake in Palolem Resorts
Mar-29-2025

Phoenix Township has received approval for the acquisition of stake in Palolem Resorts LLP. Post transaction, the company will hold 97.96% stake in Palolem Resorts through its direct capital contribution. The object of acquisition is to expand the Business. The cost of acquisition is Rs 5.04 crore. The Board of Directors of the company at its meeting held on March 28, 2025, has considered and approved the same.

In addition, the board has also approved the Memorandum of Understanding (MoU) to be entered between the company and Marriott group of hotels to build the Kerala hotel. The MOU is being signed to provide certain advisory service in connection with the design, construction, furnishing and equipping of the Hotel. These services will include i) advising owner and its consultants on Brand standards necessary for the hotel to be operated as brand hotel, and ii) reviewing the design documents prepared by Owner and its consultants to verify compliance with Brand Standards. 

Phoenix Township is engaged in providing Services relating to hotel business.


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