Chalet Hotels Buys Westin Resort & Spa in Rishikesh for Rs 5.3 Billion

12 Feb 2025 CW Team

Chalet Hotels Ltd has acquired The Westin Resort & Spa, Himalayas in Rishikesh from Mahananda Spa and Resorts, a subsidiary of Mankind Pharma Ltd, for Rs 5.3 billion, subject to net current asset adjustments. The move aligns with Chalet’s strategy to expand its footprint in the luxury and leisure hospitality segment.

The 141-room resort, located in the foothills of Uttarakhand, began operations in January 2023. As of December, its total capital employed stood at Rs 4.07 billion, with a net worth of Rs 4.01 billion. For the nine months ending December, the resort reported revenues of Rs 718.6 million and EBITDA of Rs 268.6 million.

Mankind Pharma stated that proceeds from the sale of non-core assets will be used to reduce its debt. The transaction is expected to close by February 28.

Chalet Hotels, backed by K Raheja Corp, owns several premium properties, including JW Marriott Mumbai Sahar and Westin Powai. The company has been expanding aggressively, acquiring an 11-acre site near Varca Beach in Goa, The Dukes Retreat in Khandala, and Courtyard by Marriott Aravali Resort in Delhi-NCR.

Managing Director and CEO Sanjay Sethi called the acquisition a “key milestone” in Chalet’s growth strategy, reinforcing its presence in the high-growth luxury and leisure segment. Last year, the company also acquired Courtyard by Marriott Aravali from Mankind Pharma’s founders, highlighting its ongoing expansion through acquisitions.

In Q3 FY25, Chalet Hotels reported a 22% revenue growth, reaching Rs 4.57 billion, with a net profit of Rs 963 million. However, a deferred tax liability of Rs 553 million in Q2 FY25 impacted its nine-month net profit, reducing it to Rs 186 million from Rs 1.95 billion in the same period of FY24.

(Mint)

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