Chalet Hotels acquires Marriott property Courtyard for Rs 315 crore

Chalet Hotels Limited (CHL) on Friday announced the acquisition of the 158-room Courtyard by Marriott Aravali Resort in the National Capital Region for a cash consideration of Rs 315 crore.

The company’s Board of Directors considered and approved the acquisition in a meeting held on February 29, it said in an exchange filing.

The resort, which came up in July 2022, reported an average daily rate of Rs 13,500 till December 2023 with an occupancy rate of 44 per cent, the company added.

“Since its commencement in June 2022, the resort has been the preferred choice for leisure travellers, meetings, incentives, conferences, and exhibitions (MICE), and destination weddings,” the company said after the announcement.

The property, spread over 14 acres of land, is strategically located within an hour and a half from New Delhi, Gurgaon, and Noida, while also boasting of proximity to the Indira Gandhi International Airport.

“Courtyard by Marriott Aravali Resort aligns seamlessly with our stated growth strategy to expand into the leisure space at a drivable distance from NCR. This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalise on emerging opportunities and solidify its position as an industry leader,” said Sanjay Sethi, Managing Director and Chief Executive Officer, Chalet Hotels Limited.