Chalet Hotels Ltd. agreed to acquire Courtyard by Marriott Aravali Resort in the National Capital Region (NCR) at an enterprise value of 315 crore rupees ($38 million).

The Indian hospitality chain, part of K Raheja Corp Group, executed the definitive agreement with Ayushi and Poonam Estates LLP on 29 February to acquire the resort, Chalet Hotels said in a stock exchange announcement.

The 158-room resort, located within 1.5 hours from New Delhi, Gurgaon and Noida, is spread over 14 acres of land and expands the company’s leisure portfolio.

Chalet Hotels is an owner, developer, asset manager, and operator of high-end hotels and resorts in India. The company’s portfolio comprises 10 operating hotels across the Mumbai Metropolitan Region, NCR, Hyderabad, Bengaluru, Lonavala and Pune.

“This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader,” Chalet Hotels’ Managing Director and Chief Executive Officer Sanjay Sethi said.

Courtyard by Marriott Aravali Resort reported an average daily rate of around 13,500 rupees in the first nine months of the current fiscal year ending March 2024, with an occupancy of 44%, according to the statement.

Chalet Hotels, which will conclude the formalities shortly, said the hospitality consulting firm Hotelivate acted as transaction advisor for the sellers.

Note: $1 = 82.9105 Indian rupees

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