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Share This - x An award by an arbitral tribunal in a tussle between Oravel Stays Pvt Ltd (Oyo) and start-up Zostel Hospitality Pvt Ltd (Zostel), holding that Zo Rooms is entitled to allotment of 7% shareholding in Oyo, could open the doors to what Zostel is touting as the "biggest exit in the Indian startup eco-system". The award was passed in a 3-year old arbitration dispute between the two hospitality giants, following a merger agreement based on a "Term Sheet" in 2015. Zostel and Oyo had entered into what Zostel claimed to be a binding agreement, and Oyo claimed to be a non-binding agreem...

Hostel startup Zostel claims victory in 3-year battle, but OYO denies claim Hostel startup Zostel says it has won against OYO, but the hospitality unicorn has refuted these claims categorically, stating that the Arbitration Tribunal has granted no specific relief to Zostel in terms of receiving ownership in OYO. 0 claps Share on Backpacker hostel startup Zostel Hospitality, which was embroiled in a legal battle with OYO for the last three years after merger talks broke down, on Sunday claimed that it had won against Oravel Stays, which owns and operates hotel chain OYO, and was entitled to g...

Oravel Stays Pvt Ltd, which runs OYO hotel chain, has said it will 'vehemently oppose' any move to make it execute the definitive agreement for its disputed acquisition of Zostel Hospitality. The statement has come after an arbitration panel allowed Zostal Hospitality to initiate 'appropriate proceedings' to claim 7 per cent stake in Oravel Stays Pvt Ltd for its shareholders under the term sheet of a merger agreement. Zostel Hospitality (ZO Rooms) had taken OYO to the court claiming that it completed its obligation under a merger agreement signed in November 2015 and transferred its busine...

Read more about Blackstone inks pacts for first phase of over Rs 9,000-crore deal on Business Standard. Realty firm Prestige Estates Projects on Tuesday said it has signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs

: Tuesday, March 2, 2021, 9:32 PM IST Prestige signs agreement with Blackstone to sell 12 completed assets in 1st phase of Rs 9160cr deal In November last year, the Bengaluru-based firm had signed term sheet to sell a large portfolio of completed as well as under-construction office, retail and hotel properties to Blackstone for an enterprise value of Rs 9,160 crore. Realty firm Prestige Estates Projects on Tuesday said it has signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the fir...