Chalet Hotels expands portfolio with Courtyard by Marriott Aravali Resort, NCR
The property reported an ADR of Rs ~13,500 for the YTD December FY24 with an occupancy of 44%.
Chalet Hotels Limited (CHL) has announced the execution of definitive agreements for the acquisition of Courtyard by Marriott Aravali Resort, NCR (CYMA), a 158-room resort. The resort is spread over 14 acres of land, elevating the property’s potential for enhanced offerings.
CHL has on February 29, 2024 executed the definitive agreement for admission into the partnership viz. ‘Ayushi and Poonam Estates LLP’, owner of CYMA. The Enterprise Value for the transaction is at INR 3,150 MN (to be adjusted for cash on books). CHL will be concluding the formalities shortly. Hotelivate was the transaction advisor for the sellers.
Since its commencement in June 2022, the resort has been the preferred choice for leisure travelers, MICE and destination weddings. Strategically located within 1.5 hrs. from New Delhi, Gurgaon and Noida, the resort boasts of its easy accessibility to Indira Gandhi International Airport New Delhi.
The property reported an ADR of Rs ~13,500 for the YTD December FY24 with an occupancy of 44%.
Following the announcement, Sanjay Sethi, MD & CEO at Chalet Hotels Limited said, “Courtyard by Marriott Aravali Resort aligns seamlessly with our stated growth strategy to expand into the leisure space at a drivable distance from the National Capital Region. This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader.
