Chalet Hotels Limited has added two ATHIVA branded hotels in Hyderabad and Pune through long-term leases with special purpose vehicles (SPVs) of Mindspace Business Parks REIT. The projects will add 381 keys, taking the development pipeline to around 2,036 keys and total inventory, including operational and upcoming hotels, to nearly 5,500 keys. The move underscores the company's focus on expanding within organised commercial ecosystems.\n\nThe Hyderabad project is a 150-key upper-upscale ATHIVA hotel in the Financial District and will convert an existing office building under a warm shell model with Chalet completing fit-outs. The property will provide three food and beverage outlets and about 4,300 sq ft of banquet space and is scheduled to open in FY2029. It will be Chalet's fourth hotel in Hyderabad.\n\nIn Pune Chalet will develop a 231-key ATHIVA hotel under a grey shell lease, with Mindspace REIT delivering the building shell and Chalet completing interiors. The hotel will offer three food and beverage outlets and around 7,000 sq ft of banquet space, with commercial operations expected in FY2031. The company said the project will strengthen its presence in Pune where demand is driven by global capability centres, MICE activity and extended corporate stays.\n\nThe transaction structure defers Chalet's capital expenditure until after building handover, allowing investment to be made at later stages and improving cash flow timing. The approach supports the group's strategy of integrating hospitality assets within business parks to capture demand from mixed-use commercial ecosystems while reducing land acquisition risks and accelerating timelines. It also separates shell construction from hospitality fit-outs to speed execution.\n\nThe company said the announcement marks a significant milestone for Chalet and for the ATHIVA brand as it consolidates in Pune while entering Hyderabad's Financial District. Management described the current phase as one of rapid diversification and said investment in ATHIVA will rise as the company moves towards a hybrid model with more self-operated properties. The additions are expected to support growth across business park centric hospitality segments.