Chalet Hotels Ltd, a part of Mumbai-headquartered K Raheja Corp Group, has entered into a definitive agreement to acquire 158-room Courtyard by Marriot Aravali Resort in Faridabad, Haryana.
The enterprise value of the resort, owned by Mankind Pharma’s head RC Juneja through Ayushi and Poonam Estate LLP, is Rs 315 crore ($38 million), according to an exchange filing.
“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,” said Sanjay Sethi, the managing director and chief executive of Chalet Hotels. “This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader.”
Excluding this acquisition, the hospitality chain’s portfolio includes 10 hotels in cities such as Mumbai, Bengaluru, Pune, Hyderabad and Delhi-National Capital Region. Some key properties in its portfolio include JW Marriott Mumbai Sahar, Bengaluru Marriott Hotel Whitefield, The Westin Hyderabad Mindspace.
Spread across 14 acres and is in proximity to New Delhi, Gurugram, and Noida, Courtyard by Marriot Aravali Resort was launched in June 2022 and targets leisure travelers. Its average daily rate, or the average revenue earned per occupied room, per day, was about Rs 13,500, until December with an average occupancy rate of 44%.
According to a report by property consulting firm JLL, the revenue per available room (RevPAR), in India’s hospitality industry grew 15.1% year-on-year, in the July-September period in 2023, even as it declined sequentially by 4.5% at a pan-India level. This increase in RevPAR also corresponded with 59 new hotel deal signings, of which, 23% were conversions of other hotels.
