Chalet Hotels, a distinguished entity under the K Raheja Corp Group, has announced the acquisition of Mahananda Spa and Resorts, the proprietor of The Westin Resort & Spa, Himalayas, for an enterprise valuation of ₹530 crore. The acquisition, disclosed on Monday, marks a pivotal move in the company’s strategic expansion.
This transaction involves Chalet Hotels securing a 100% stake in Mahananda Spa and Resorts, which is wholly owned by Mankind Pharma Limited.
In an official statement, Chalet Hotels highlighted that this acquisition bolsters its position in India’s burgeoning leisure, spiritual, and wellness tourism sectors, unlocking significant avenues for premium guest experiences and long-term value generation.
The 141-key luxury resort boasts more than 10,000 sq ft of sophisticated event spaces, making it a sought-after destination for upscale gatherings.
Sanjay Sethi, Managing Director and Chief Executive Officer of Chalet Hotels Limited commented, “This acquisition will be a defining milestone in our growth strategy, enabling us to broaden our footprint within India’s high-growth luxury and leisure segment. The Westin Resort & Spa, Himalayas, is a premier wellness retreat perfectly aligned with our aspiration to deliver world-class hospitality experiences.”
Sethi further remarked, “With its breathtaking locale and exceptional amenities, this remarkable property will fortify our leisure portfolio and empower us to meet the evolving expectations of discerning modern travellers.”
Mahananda Spa and Resorts reported revenue of ₹71.85 crore during the initial nine months of FY2025, compared to ₹74.33 crore in FY2024. Meanwhile, Chalet Hotels registered a revenue of ₹457.8 crore and a net profit of ₹96.5 crore in the December quarter.
A prominent player in India’s hospitality and real estate sectors, Chalet Hotels is renowned for owning, developing, and managing high-end properties across metropolitan hubs such as Mumbai, Hyderabad, Bengaluru, and Pune. It predominantly collaborates with esteemed international hospitality brands, including Marriott, to deliver unparalleled guest experiences.
At 3:23 PM on February 11, 2025, Chalet Hotels Ltd shares traded at ₹698.85 per share on the NSE.
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Published on: Feb 11, 2025, 4:26 PM IST
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