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Chalet Hotels acquires Marriott property Courtyard for ₹315 crore

New Delhi: Chalet Hotels, part of K Raheja Corp group, has acquired Courtyard by Marriott Aravali Resort for ₹315 crore. This 158-room property spread over eight acres had been on the market for about a year now, the hotel company said in an exchange notification on Friday. 

Owned by the family of RC Juneja, co-founder and chairman of Mankind Pharma, via Ayushi and Poonam Estates LLP, the resort was launched in July 2022, reporting average daily rates of over ₹15,000 a night. 

This was the Mankind family's first hospitality venture. It has another 141-room hotel in Rishikesh, which is also managed by Marriott-owned The Westin Resort & Spa Himalayas.

Sanjay Sethi, managing director and chief executive Chalet Hotels, in a recent interview with Mint, had said the company was looking to add about 800 rooms to its offerings for which it has earmarked ₹2,000 crore as current capital work-in-progress. The company intends to have about 5,000 rooms in the next three to four years in its entire portfolio. 
For the first nine months of the current fiscal year (April-December), the company reported a net profit of ₹195 crore, an increase of 33% year-on-year.

It boasts collaborations with operators such as Accor, Marriott, Hyatt, and Taj, managing properties including the JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace, and Bengaluru Marriott Hotel Whitefield, among others.

"As the listed hotel companies are getting re-rated and the stock markets are valuing these companies more favourably, 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," said Vikramjit Singh, founder and chairman and managing director, Alivaa Hotels.

Source: mint