Indian hospitality group Chalet Hotels Limited (CHL) has signed a definitive agreement to acquire the Courtyard by Marriott Aravali Resort (CYMA) in the National Capital Region (NCR) of India.
CHL signed an agreement with Ayushi and Poonam Estates, which owns the 158-room resort spread over 14 acres.
The enterprise value of the transaction stands at Rs3.15bn ($37.9m). The deal is expected to close shortly.
Since its opening in June 2022, the resort is claimed to have become a destination for leisure travellers and is used as a venue for destination weddings.
It is located within one and a half hours of travel from New Delhi, Gurgaon, and Noida, and is close to New Delhi’s Indira Gandhi International Airport.
The resort has reported an average daily rate (ADR) of nearly Rs13,500 ($162.8) for the YTD December FY 2024, with an occupancy rate of 44%.
CYMA's amenities include an all-day dining restaurant, a bar and lounge, a pool bar, and a pan-Asian restaurant. It also offers a variety of recreational facilities such as a gym, spa, pool, and a dedicated kids' play area.
For adventure enthusiasts, the resort's on-premises adventure park features attractions such as a zipline, quad bike, automated paintball arena, artificial climbing, horse riding, camel cart, and more.
Chalet Hotels managing director and CEO Sanjay Sethi said: “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.
“This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader.”
Chalet Hotels has a portfolio of ten operating hotels, with nine of them branded with globally well-known brands and operating in luxury, upper upscale to upscale segments.
Last September, Chalet Hotels entered a partnership with Tata Power Renewable Energy (TPREL) to advance towards a sustainable future.
Tata Power subsidiary TPREL has agreed to produce 13.75 million units of clean energy from renewable sources for Chalet Hotels.
This Group Captive project is expected to reduce carbon emissions by 9,700tpa.
