Chalet Hotels Buys Westin Resort & Spa in Rishikesh for Rs 5.3 Billion
12 Feb 2025
2 Min Read
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鈥檚 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 鈥渒ey milestone鈥� in Chalet鈥檚 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鈥檚 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)
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鈥檚 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 鈥渒ey milestone鈥� in Chalet鈥檚 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鈥檚 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)
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
