On Thursday, Chalet Hotels, a company that operates high-end hotels in India, announced its acquisition of an 80-room resort in Khandala, Maharashtra. The move marks an expansion of Chalet Hotels’ owned asset portfolio in the leisure segment, and is expected to increase the company’s presence in the Western India region.
The resort land in Khandala is owned by Sonmil Industries Pvt Ltd, while the hotel structure and its business are owned by The Dukes Retreat Pvt Ltd. Chalet Hotels has entered into definitive agreements to acquire both entities for an enterprise value of INR 133 crore, which will be adjusted for cash on books.
The acquisition of The Dukes Retreat in Khandala is in line with Chalet Hotels’ strategy of owning and operating high-end hotels in prime locations across India. The resort is strategically located in the picturesque hill station of Khandala, which is a popular tourist destination and a weekend getaway for residents of Mumbai and Pune.
This acquisition will enable Chalet Hotels to tap into the growing demand for leisure destinations, especially post the pandemic-induced restrictions. The company plans to enhance the guest experience at the resort by adding new amenities and upgrading the existing infrastructure.
Overall, this acquisition is expected to strengthen Chalet Hotels’ position as a leading player in the Indian hospitality industry, and increase its competitive edge in the leisure segment.
MD & CEO Sanjay Sethi ,said, “Chalet Hotels Ltd is positioned in a sweet spot with several of its capex projects approaching commercial opening in the next few months. The Dukes Retreat is the new addition.”
