Chalet Hotels scouts for distressed assets in hospitality sector

Chalet is also developing two office towers in Mumbai and Bengaluru

Chalet Hotels, a K Raheja group firm, is scouting for acquisitions as it seeks to ramp up presence in the hospitality space, said a top company official. 

The developer and asset manager of global hospitality brands, including JW Marriott and Renaissance, are also developing three greenfield hotel projects and a couple of office towers in Mumbai and Bengaluru to tap the burgeoning demand. Chalet has outlined a capital expenditure of Rs 1,100 crore for the projects. 

The Mumbai-based firm, which recently concluded an initial public offering (IPO), has pared its debt to Rs 1,500 crore from Rs 2,600 crore. The capex requirement