Cox & Kings jumps 4% on inking agreement on new hotel in Germany

NEW DELHI: Shares of Cox & Kings jumped over 4 per cent on Friday after the travel company said that its step-down subsidiary MEININGER Hotels and Peter Simmel have signed an agreement for opening a 165-room hotel in Dresden in Germany. The hotel will have 639 beds and would open in the second quarter of 2021, the company said.

Following the announcement, the stock rose 3.85 per cent toclose the day at Rs 264.40 on BSE. The hotel is planned with a gross floor area of 7,600 square meter, the company said in a BSE filing.

MEININGER is a subsidiary of Holidaybreak, a travel group specialising in educational and activity holidays. Holidaybreak is a subsidiary of Prometheon Holdings (UK), which is a part of Cox & Kings.

MEININGER currently operates 17 hybrid hotels in Europe, with a total of 8,409 beds in 11 European cities.

Cox & Kings is a travel company. It operates in three key verticals; leisure, education and hybrid hotels.

For September quarter, Cox & Kings reported 165.74 per cent surge in net profit at Rs 215.99 crore. But sales for the quarter fell 38.15 per cent to Rs 1581.90 crore.