Friday, March 24, 2023

Chalet Hotels Signs Definitive Agreements For The Acquisition Of The Dukes Retreat, Khandala

Chalet Hotels Limited (CHL), owner, developer, asset manager and operator of high-end hotels and resorts in India, marks its investment foray into leisure as it signs definitive agreements for the ‘ACQUISITION OF THE DUKES RETREAT’, an 80-room resort, spread over ~7.5 acres, surrounded by gorgeous waterfalls stunning views of the Western Ghats. A dominant player in the business hospitality space, Chalet is known for its legacy of creating asset value through creating high-end hospitality assets and offering exceptional guest experiences.

CHL has entered into definitive agreements to acquire The Dukes Retreat Pvt. Ltd. and Sonmil Industries Pvt. Ltd. for an Enterprise Value of Rs. 1,330 mn (to be adjusted for cash on books). The resort land is owned by Sonmil Industries Pvt. Ltd., while the hotel structure and its business are owned by The Dukes Retreat Pvt. Ltd. Upon completion of the transaction, Chalet will finalize its plans of expansion and up-gradation of the property to reposition it as an upper-upscale green, lifestyle resort.

The Dukes Retreat is strategically located at a comfortable drivable distance from both Mumbai and Pune. The 80-room resort includes 18 Deluxe Rooms, 54 Executive Rooms and 8 Cottages, and offers a gourmet experience at the in-house restaurant with panoramic views of the cliffs and valleys. Other facilities at the resort include an outdoor pool, play area for kids, spa, and a fitness center. This property has been a top destination for individual leisure travellers, weddings, and corporate events.

With this acquisition, CHL will further enhance diversification in its portfolio by expanding its owned asset portfolio in the leisure segment.

Following the announcement, Mr. Sanjay Sethi, MD & CEO at Chalet Hotels Limited said, “‘The Dukes Retreat’ is a unique resort with stunning views and a strong emotional connect with large number of families from Mumbai and Pune. We welcome the guests and the associates of the Resort to the Chalet family. 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.”

About Chalet Hotels Limited:

Chalet Hotels Limited (CHL), is an owner, developer, asset manager and operator of high-end hotels and resorts in India. CHL portfolio comprises of seven operating hotels, including a hotel with a co-located serviced residence, which are situated across the markets of the Mumbai Metropolitan Region, Hyderabad, Bengaluru, and Pune. The hotels are branded with globally recognized hospitality brands and are in the luxury, upper upscale and upscale segments. CHL uses its experience to actively manage the hotel assets to drive performance. In addition, CHL has developed commercial assets, co-located with the hotels under a mixed-use strategy. These are at strategic locations, generally with high barriers to entry, and in high-density business districts.

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