The Hyderabad-based hotel operator is expanding its portfolio following insolvency resolution, with acquisitions and a new-build project in the pipeline
Zerodha co-founders Nithin Kamath and Nikhil Kamath have acquired a combined 6.72% stake in Viceroy Hotels, as the Hyderabad-based hospitality company pursues portfolio expansion following its emergence from insolvency. The investment, made through Kamath Associates and Nksquared during the September quarter, comes as the company strengthens its existing hotel operations and adds new assets in Hyderabad.
Viceroy Hotels, which operates Marriott-branded properties in the city, is seeking to build on its recovery through acquisitions, refurbishment and new development. Its growth plans include the acquisition of SLN Terminus Hotels and Resorts, which operates Marriott Executive Apartments in Hyderabad, and a proposed 200-room Courtyard by Marriott hotel in Madhapur, according to company disclosures and reports.
The company’s revival follows a prolonged corporate insolvency resolution process that began in 2018. The resolution plan submitted by Anirudh Agro Farms was approved by the National Company Law Appellate Tribunal in October 2023. The plan involved capital infusion through Loko Hospitality, the resolution applicant’s special purpose vehicle, and a restructuring of the company’s shareholding. Viceroy Hotels resumed trading on the stock exchanges in April 2024.
The Kamath brothers’ investment comes as the company seeks additional capital to support its next phase of growth. Viceroy Hotels launched a rights issue of approximately INR 105 crore at INR 115 per share in 2026. The fundraising was also intended to increase public shareholding following the change in ownership structure under the resolution plan.
In December 2025, shareholders approved a proposed INR 206-crore acquisition of SLN Terminus Hotels and Resorts. The transaction adds Marriott Executive Apartments at SLN Terminus to the company’s portfolio, strengthening its presence in Hyderabad’s extended-stay segment. The company is also developing a 200-room Courtyard by Marriott hotel in Madhapur, with completion targeted for FY2029 or FY2030.
For Viceroy Hotels, the focus now is on converting its recovery into sustained operating growth. The expansion strategy combines existing-asset upgrades with acquisitions and new development, giving the company an opportunity to increase its room inventory and broaden its exposure to business travel, meetings and extended stays in Hyderabad.
