homevideos Newsearnings NewsOccupancy rising post COVID 2nd wave, says Chalet Hotels; expansion on cards
Occupancy rising post COVID 2nd wave, says Chalet Hotels; expansion on cards
Sanjay Sethi, MD & CEO of Chalet Hotels, on Wednesday, said the hotel’s occupancies were healthy at 47 percent at the end of Q1FY22.
Sanjay Sethi, MD & CEO of Chalet Hotels, on Wednesday, said the hotel’s occupancies were healthy at 47 percent at the end of Q1FY22.
The international high-end hotel chain in India reported earnings for the June-ended quarter. It reported a weak sequential performance with the loss widening to nearly Rs 40 crore.
In an interview to CNBC-TV18, Sethi said, “We exited the quarter (Q1FY22) very healthy. Our June occupancies had very rapidly ramped up to 47 percent and July occupancies followed the trend and have clocked in 54 percent occupancies. August continues the similar trend of growth.”
On expansion, he said, “We have expansion plans for our Pune hotel, and the rebranding of the Powai hotel, which is currently Renaissance to Westin Powai. So all these are opportunities to unlock value for our hotels. In addition to that, we have a couple of malls. Overall, all projects are going as per timelines except the hotel one, which we have put on, wait and watch, but as I said, there is tremendous value to be unlocked with the existing balance sheet as against acquiring anything new right now.”
According to him, the majority of the debt is on account of growth and expansion. “On the debt side, it's very important to highlight that the debt, if you break up the debt on what part of the debt is growth driven debt and what is operational debt and you will realise that majority of the debt is actually on account of the growth and those growth projects that debt has been deployed towards will get monetised in the coming quarters and when that happens, the ability to service debt actually increases significantly for the portfolio,” Sethi said.
For the entire management interview, watch the video
(Edited by : Bivekananda Biswas)
First Published: Aug 11, 2021 4:51 PM IST
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