Hostel startup Zostel claims victory in 3-year battle, but OYO denies claim
Hostel startup Zostel says it has won against OYO, but the hospitality unicorn has refuted these claims categorically, stating that the Arbitration Tribunal has granted no specific relief to Zostel in terms of receiving ownership in OYO.
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Backpacker hostel startup Zostel Hospitality, which was embroiled in a legal battle with OYO for the last three years after merger talks broke down, on Sunday claimed that it had won against Oravel Stays, which owns and operates hotel chain OYO, and was entitled to get a cost from the hospitality unicorn.
Oravel Stays Pvt Ltd, which runs OYO hotel chain, has said it will vehemently oppose any move to make it execute the definitive agreement for its disputed acquisition of Zostel Hospitality. The statement has come after an arbitration panel allowed Zostal Hospitality to initiate appropriate proceedings to claim 7 per cent stake in Oravel Stays Pvt Ltd for its shareholders under the term sheet of a merger agreement. Zostel Hospitality (ZO Rooms) had taken OYO to the court claiming that it completed its obligation under a merger agreement signed in November 2015 and transferred its business to OYO but the latter failed to transfer 7 per cent stake to its shareholders.
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Read more about Blackstone inks pacts for first phase of over Rs 9,000-crore deal on Business Standard. Realty firm Prestige Estates Projects on Tuesday said it has signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs
: Tuesday, March 2, 2021, 9:32 PM IST
Prestige signs agreement with Blackstone to sell 12 completed assets in 1st phase of Rs 9160cr deal
In November last year, the Bengaluru-based firm had signed term sheet to sell a large portfolio of completed as well as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore.
Realty firm Prestige Estates Projects on Tuesday said it has signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs 9,160-crore deal.
In November last year, the Bengaluru-based firm had signed term sheet to sell a large portfolio of completed as well as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore. The company will use the fund to retire its debt and future expansion.