Lemon Tree Hotels shares gained 2.5 percent in the morning on March 14 after the company signed a non-binding term sheet with Berggruen Hotels Private Limited.
The stock, however, came down from its early high and was quoting at Rs 83.65, up Rs 0.30, or 0.36 percent on the BSE, at 1027 hours IST.
Berggruen Hotels owns hotels under various brands i.e Keys Prima, Keys Select and Keys Lite in India.
Lemon Tree Hotels said it has signed a non-binding term sheet with Berggruen Hotels Private Limited and Berggruen Investments (Mauritius-based holding company of Keys Hotels) for the acquisition of 100 percent of the shareholding of Keys Hotels directly or through its subsidiaries.
Final consummation of the transaction shall be subject to the due diligence and obtaining requisite approvals, it added.
Keys Hotels owns seven hotels with 936 rooms in six cities in India. Further, it also owns two land parcels for Hotel development in Goa and Raipur.
In addition to the above, Keys Hotels also operates under management/franchise agreements 14 hotels with 975 rooms in 14 cities. In total, Keys Hotels today owns/manages 21 hotels with 1,911 rooms in 19 cities.
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