Mumbai, Nov. 26 -- According to the company's exchange filing, the MoU outlines plans for Grand Continent Hotels to lease and operate a hotel located at Plot No. B-27/93 D, Mohalla Durgakund, Varanasi, Arazi No. 106, Gram Bhadeni Pragna Dehat, Tehsil & District Varanasi. The property will feature 72 rooms, a lobby, reception area, gym, and car parking facilities. Once finalized, the hotel will be operated under the Grand Continent brand.

The MoU will remain valid for six months, while the proposed rental, lease, or leave-and-license agreement is intended to cover a period of 10 years.

Grand Continent Hotels is in the business of hospitality (owning, operating and managing hotels).

On a full-year basis, the company's consolidated net pr...