New Delhi: Chalet Hotels has announced the approval of its board of directors for the acquisition of Mahananda Spa and Resorts, the owning company of The Westin Resort and Spa, Himalayas in Rishikesh. The deal, valued at ₹530 crore, involves purchasing a 100% stake from Mankind Pharma.
The luxury resort, which boasts 141 rooms, began operations in January 2023. In its second year, the property reported an average daily rate of over ₹26,000, with an occupancy of 45%.
Sanjay Sethi, Managing Director of Chalet Hotels, described the acquisition as a "key milestone" in the company's strategy to strengthen its presence in India's premium hospitality sector. "This property will enhance our leisure portfolio, catering to the evolving preferences of modern travelers. We are committed to elevating the guest experience while ensuring sustainable growth," he said.
This deal follows Chalet Hotels' acquisition of Courtyard by Marriott Aravalli last year for ₹315 crore from Mankind Pharma.
The company expects to finalize the formalities for the Westin acquisition soon, further cementing its position in India's growing luxury hospitality market.
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