Chalet Hotels rose 2.68% at Rs 347.05 after the company signed a definitive agreement with Hyatt Hotels Corporation.
Chalet Hotels after market hours on Monday said that it signed a franchise agreement with Hyatt India Consultancy (Hyatt) and its affiliates for Hyatt Regency Navi Mumbai Airoli. The company's upcoming ~260 keys hotel at Airoli, Navi Mumbai (Mumbai Metropolitan Region) will be the first Hyatt Regency branded hotel for Chalet.The hotel occupies a strategic location in the heart of the commercial district at Airoli, Navi Mumbai and enables business travelers a convenient accommodation as well as an easy commute between Navi Mumbai and Thane. The project is estimated to be completed in 2022, subject to approvals.
Shares of Chalet Hotels were trading below its 20 days simple moving average placed at 341.13 and above its 50 days simple moving average placed at 336.86. These levels will act as resistance and support in near term. The stock has advanced 19.51% since its listing on 7 February 2019.
Part of the K. Raheja Corp, Chalet Hotels (CHL) is an owner, developer and asset manager of high-end hotels in key metro cities in India.
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