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Chalet Hotels Expands Portfolio with Acquisition of Courtyard by Marriott Aravali Resort
Chalet Hotels, a part of the K Raheja Corp group, has finalized the acquisition of Courtyard by Marriott Aravali Resort for INR 315 crore. This 158-room property, sprawled across eight acres, has been on the market for approximately a year, as per a notification filed with the exchange by the hotel company.
Previously owned by the family of RC Juneja, co-founder and chairman of Mankind Pharma, through Ayushi and Poonam Estates LLP, the resort commenced operations in July 2022, boasting average daily rates exceeding INR 15,000 per night.
Marking the Mankind family’s inaugural foray into hospitality, the group also operates a 141-room hotel in Rishikesh, managed by Marriott-owned The Westin Resort & Spa Himalayas.
Sanjay Sethi, Managing Director and Chief Executive of Chalet Hotels, revealed in a recent interview that their plan to expand their offerings by about 800 rooms, backed by a INR 2,000 crore investment earmarked as current capital work-in-progress. The company aims to augment its portfolio to approximately 5,000 rooms within the next three to four years.
For the first nine months of the current fiscal year (April-December), the company recorded a net profit of INR 195 crore, marking a 33% year-on-year increase.
Renowned for its collaborations with operators like Accor, Marriott, Hyatt, and Taj, Chalet Hotels manages a range of properties including JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace, and Bengaluru Marriott Hotel Whitefield, among others.
Commenting on the trend of listed hotel companies seeking acquisitions, Vikramjit Singh, founder and chairman, and managing director of Alivaa Hotels, observed, “As the listed hotel companies are getting re-rated and the stock markets are valuing these companies more favorably, the multiples are also being positively revised. I see that a lot of cash-rich listed hospitality companies are going in for such acquisitions because they can enjoy the arbitrage between the acquisition price and the multiples they enjoy.”
Source: BIZ INDIA