Shares of SAMHI Hotels Limited jumped over 3% in early trade after the company announced that it has received formal confirmation from the Maharashtra Industrial Development Corporation (MIDC) extending the development timeline for its landmark hotel project in Navi Mumbai. As of 9:22 AM, the shares were trading 3.33% higher at Rs 205.30.
The approval clears the way for SAMHI to begin construction of a dual-branded hotel near Navi Mumbai International Airport and DY Patil Stadium, with a total of about 700 rooms. The Phase 1 development will include around 400 rooms.
The upcoming property, proposed to operate under the Westin and Fairfield by Marriott brands (subject to final agreements), will be SAMHI’s largest hotel asset by room count. Strategically located along the Mumbai–Pune Expressway, the project marks the company’s entry into the Mumbai Metropolitan Region (MMR).
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