TBM Staff - Mumbai
Chalet Hotels, a part of the K Raheja Corp group, has concluded the acquisition of Courtyard by Marriott Aravali Resort for INR 315 crore. The 158-room property, spread across eight acres, was on the market for approximately a year, according to 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, commanding average daily rates exceeding INR 15,000 per night.
Inaugurating the Mankind family’s entry into hospitality, the group also manages a 141-room hotel in Rishikesh, operated by Marriott-owned The Westin Resort & Spa Himalayas.
Sanjay Sethi, Managing Director, and Chief Executive, Chalet Hotels, shared in a recent interview their plan to expand offerings by about 800 rooms, supported by a INR 2,000 crore investment allocated as current capital work-in-progress. The company aims to grow its portfolio to around 5,000 rooms within the next three to four years.
For the first nine months of the current fiscal year (April-December), the company reported a net profit of INR 195 crore, reflecting a 33% year-on-year increase.
Renowned for collaborations with operators such as Accor, Marriott, Hyatt, and Taj, Chalet Hotels manages various properties, including JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace, and Bengaluru Marriott Hotel Whitefield, among others.
Discussing the trend of listed hotel companies pursuing acquisitions, Vikramjit Singh, founder and chairman, and managing director of Alivaa Hotels, remarked, “As 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.”
