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Chalet Hotels to add another jewel in its leisure portfolio with the acquisition of The Westin Resort & Spa, Himalayas at Rishikesh

Chalet Hotels Limited has secured board approval for acquiring Mahananda Spa and Resorts, enhancing its presence in luxury wellness tourism in Rishikesh.

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The Westin Resort 1

Mumbai,February10th,2025:ChaletHotelsLimited(CHL)hasreceivedtheapprovaloftheboardofdirectorsfortheacquisitionofMahanandaSpaandResortsPrivateLimited,owningcompanyofTheWestin Resort and Spa, Himalayas (TWRS)  in Rishikesh, a stunning141-room luxury resort, nestled inthe Himalayas.Thisstrategicacquisitionstrengthensthecompany’spositioninthehighgrowthleisure,spiritualandwellnesstourismmarket,unlockingnewopportunitiesforpremium experiencesandlong-termvaluecreation.

The Westin Resort 2

CHLisintheprocessofenteringintoadefinitiveagreementwithMankindPharmaLimited,for100%stakeofMahanandaSpaandResortsPrivateLimited,theowningcompanyofthepropertyatanenterprisevalueofRs.5.3Billion.CHLwillbeconcludingtheformalitiesshortly.

The Westin Resort 3

TheWestinResortCSpa,Himalayas,knownforitswellness-focusedexperiences,openeditsdoorsin January of 2023. For its second year of operations the property reported an ADR of over Rs. 26,000asof YTDDec24withanoccupancyof45%.

StrategicallylocatedinthefoothillsoftheHimalayas,nearthespiritualandyogahubofRishikesh,theresortfeatures141elegantlydesignedrooms,over10,000sq.ft.ofeventspace,world-class diningoptions,andpremiumwellnessamenities,includingtheHeavenly®SpabyWestinandtheWestinWorkout®FitnessStudio.ThepillarlessGrandBallroomisoneofthelargestconferencehalls intheregion.Theoutdoorlawnsoftheresortprovideidyllicsettingsforweddings.Theresortis45 minutesfromJollyGrantAirportDehradunandoffersplentyofrecreationopportunities.

Keyhighlightsofperformance

FY24

(Audited)

YTDDecFY25

(Unaudited)

ADR(Rs.)

~24,000

~26,000

Occ%

40%

45%

Revenue(Rs.Mn)

743

71G

EBITDA(Rs.Mn)

213

26G

"ThisproposedacquisitionwillbeakeymilestoneinChaletHotels’strategytoexpandfootprintin India’shighgrowthluxuryandleisuresegment.TheWestinResort&Spa,Himalayas,isapremier wellness destination that perfectly aligns with our vision of offering world-class hospitalityexperiences. With its breathtaking location and exceptional amenities, this property will strengthen ourleisureportfolioandallowsustocatertotheevolvingpreferencesofmoderntravellers.Welook forwardtoelevatingtheguestexperienceandfurtherdrivingsustainablegrowthwiththisnewaddition."

Dr. Sanjay Sethi, MD G CEO, Chalet Hotels Limited