Millitoons plans to acquire hotels
Integrated design solutions company Millitoons Entertainment plans to foray into the hospitality sector by acquiring 9 companies in the US for USD 73.25 million (approx Rs 491 crore). "The company has drawn major plans to enter the hospitality sector in a big way and entered into an agreement to acquire nine companies in the US which own well established hotels for a total cost of USD 73.25 million equivalent to Rs 491 crore," Millitoons Entertainment said. The hotels run by these companies are under contract with well established brands such as Holiday Inn. The company is also in the process of renovating the property and signing management contract with Sheraton Plus and another one with Best Western.
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