Chalet Hotels Limited — Updates, 10-02-2025: Press Release

Chalet Hotels Limited has received board approval for the acquisition of Mahananda Spa and Resorts Private Limited, the owner of The Westin Resort & Spa, Himalayas in Rishikesh, at an enterprise value of Rs. 530 crore. This strategic move aims to enhance the company’s presence in the rapidly growing leisure and wellness tourism sector, presenting opportunities for premium offerings and long-term value creation. The resort, which opened in January 2023, reported an average daily rate (ADR) of Rs. 26,000 and an occupancy rate of 45% as of December 2024.

Dr. Sanjay Sethi, MD & CEO of Chalet Hotels, emphasized that this acquisition aligns with the company's strategy to expand in the luxury and leisure segment, enhancing guest experiences amidst a prime location and exceptional amenities. The property features 141 elegantly designed rooms, extensive event spaces, and world-class dining, aiming to attract modern travelers.

Overall, this acquisition is poised to strengthen Chalet Hotels’ leisure portfolio, presenting positive growth prospects in India's luxury hospitality landscape.