Prestige Estates is very much in the news today. Opening 2% higher at Rs.302, the stock touched an intraday high at Rs.312.15, rising over 5.5%. Its not too far from its 52-week high of Rs.326.25. It has outperformed the sector currently by 4%.
Prestige has announced that it has signed an agreement with Marriott International to open six new hotels across India, representing nearly 1,000 rooms.
All hotels are expected to open between 2021 to 2025.
It will invest an incremental Rs 350 crore for setting up of new properties.
As per the agreement, it will bring Marriott’s 17th hotel brand to India – Moxy.
Currently, Prestige runs 850 rooms in partnership with Marriott International.