Chalet Hotels on Wednesday (March 22), said its board has approved the share purchase agreements for acquisition of equity shares of Sonmil Industries Private Limited and The Dukes Retreat Private Limited.
As per the approval from the Board, Chalet Hotels will acquire 100 percent equity shares of Sonmil Industries for Rs 74.64 crore. This acquisition is likely to be completed by March 31, 2023.
Besides, the company will acquire 82.28 percent of equity shares of the Dukes Retreat for Rs 81.75 crore. Remaining, 17.72 percent of the equity shares of The Dukes Retreat Private Limited will continue to be held by Sonmil Industries Private Limited, which is also being acquired. This acquisition is likely to be completed by March 31, 2023.
Sonmil Industries belongs to the real estate sector and owns the land, which is leased to The Dukes Retreat Private Limited for the resort viz. The Dukes Retreat, Khandala.
The Dukes Retreat belongs to the Hotels and Restaurants sector. Its stake is being acquired in line with the Chalet Hotels expansion strategy to diversify the portfolio to include leisure properties. Dukes is the owner and operator of The Dukes Retreat, Khandala and has an 80-room full-service resort with a capacity to add 42 rooms.
Chalet Hotels is a part of the K Raheja Corp Group and is an owner, developer, asset manager and operator of high-end hotels and a hotel led mixed-use developer in key metro cities in India such as Mumbai Metropolitan Region, Hyderabad, Bengaluru, and Pune.
The Company’s portfolio comprises seven fully operational hotels representing 2,554 keys, across mainstream and luxury segments, and four commercial spaces, representing approximately 0.9 million square feet in close proximity to the hospitality assets.
Chalet Hotels declared its Q3FY23 earnings in January 2023 and posted a net profit of Rs 102.3 crore against a loss of Rs 14.6 crore reported in the corresponding quarter of the previous financial year. Its revenue grew by 76.5 percent at Rs 289.7 crore against Rs 164.2 crore.
