Chalet Hotels rose 1.99% to Rs 369.20 after the company executed share purchase agreement to acquire 82.28% stake in Dukes Retreat in Khandala for consideration of Rs 81.75 crore.
Dukes Retreat, Khandala is an 80-room full-service resort with a capacity to add 42 rooms. Its turnover for financial year 2021-2022 was Rs 21.93 crore.The acquisition is in line with the company's expansion strategy to diversify the portfolio to include leisure properties. The said acquisition will be completed by 31 March 2023.
Further, the company will also acquire 100% stake in Sonmil Industries for consideration of Rs 74.64 crore. Sonmil is the owner of the land where The Dukes Retreatis situated. Its turnover as on 31 March 2022 was Rs 0.06 crore. The said acquisition will be completed by 31 March 2023.
The company said that 82.28% equity shares of Dukes will be held directly by the company, remaining 17.72% stake will continue to be held by Sonmil Industries.
Chalet Hotels is an owner, developer, asset manager and operator of high-end hotels in key metro cities in India. The company's portfolio comprises of seven operating hotels, including a hotel with a co-located serviced residence, which are situated across the markets of the Mumbai Metropolitan Region, Hyderabad, Bengaluru and Pune.
The company reported consolidated net profit of Rs 102.40 crore in Q3 December 2022 as against net loss of Rs 14.40 crore in Q3 December 2021. Revenue from operations jumped 76.48% year-on-year to Rs 289.74 crore in Q3 December 2022.
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