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