Chalet Hotels Limited (CHL) said it has signed definitive agreements for the acquisition of The Dukes Retreat, Khandala, an 80-room resort for an enterprise value of Rs 133 crore.
Chalet Hotels is the owner, developer, asset manager and operator of high-end hotels in India and also works with chains such as Marriott International and Accor.
The resort is spread over 7.5 acres, and the resort land is owned by Sonmil Industries Pvt. Ltd., while the hotel structure and its business are owned by The Dukes Retreat Pvt. Ltd. Chalet said upon completion of the transaction, it will finalize its plans of expansion and upgradation of the property to reposition it as an upper-upscale green, lifestyle resort.
The Dukes Retreat is located at a drivable distance from both Mumbai and Pune. The 80-room resort includes 18 deluxe rooms, 54 executive rooms and 8 cottages, and offers a gourmet experience at the in-house restaurant. Other facilities at the resort include an outdoor pool, play area for kids, spa, and a fitness centre.
The company said with this acquisition, it will further enhance diversification in its portfolio by expanding its owned asset portfolio in the leisure segment.
Sanjay Sethi, MD & CEO at Chalet Hotels Limited said The Dukes Retreat is a unique resort with stunning views and a strong emotional connect with large number of families from Mumbai and Pune.
“We welcome the guests and the associates of the resort to the Chalet family. Chalet Hotels Ltd is positioned in a sweet spot with several of its capex projects approaching commercial opening in the next few months. The Dukes Retreat is the new addition,” he added.
Source: Economic Times