MGM Healthcare acquisition of Famous Hotel canceled..!?

Sowmiya Sriram
MGM Healthcare acquisition of Famous Hotel canceled..!?

The Le Meridien Hotel at the Guindy Kathipara Junction in chennai has launched over 20 years ago. From politicians to cinema celebrities, people used to stay at this hotel and hold auspicious events and birthday parties. High-ranking indians and foreigners are also staying here. This hotel was purchased by MGM Healthcare. The reasons why the Rs 1600 crore hotel was sold for Rs 423 crore have been revealed.

In 2021, MGM Healthcare bought Appu's Le Meridien Hotel for Rs 423 crore. Appu Hotels was involved in an attempt to sell their assets. Negotiations were held with several companies for this. Among them, MGM Healthcare and Kodak Special Situations offered to buy the Le Meridien Hotel. It was eventually sold to MGM Healthcare for just Rs 423 crore.MGM Healthcare has filed a lawsuit against a national corporate tribunal seeking a stay on its purchase of the Le Meridien Hotel.

It was dismissed by the National Institutional Tribunal. Following this, MGM announced that it was buying the Le Meridien Hotel and converting it into a hospital. The matter was appealed to the National Institutional Appellate Tribunal. MGM Healthcare's plan to acquire Appu's Le Meridien hotel has been canceled, the National corporate Appeals Tribunal said.
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