Cox & Kings owned MEININGER Hotels to open in Heidelberg
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Cox & Kings consolidated net profit declines by 24% to Rs 108 croreCox & Kings-owned MEININGER Hotels on Friday signed a contract for a new hotel in Heildelberg.
"MEININGER Hotels and Hirotani Projecktgesellschaft mbH have signed a contract for new hotel in Heidelberg, Germany. The hotel will be located at the Carl-Benz-Street 4-6 close to the central station." Cox & Kings said in a statement.
With this move, Cox & Kings plans to expand its business in Europe market.
Peter Kerkar, Director of Cox & Kings said, With this project, we enter a strategically important market and constitutes a significant step in our expansion in Europe.”
The opening of first MENINGER Hotel in Heidelberg is expected to be functional in the beginning of 2019, with a lease term of 20 years.
This new hotel will offer 336 beds in 100 rooms on five floors.
Shares of Cox & Kings on Friday, closed at Rs 220.50 up by 3.28%.
