CHL is also in process of entering into agreement with Mankind Pharma Limited, for 100% stake of Mahananda Spa and Resorts Private Limited at an enterprise value of Rs. 5.3 billion.
Chalet Hotels Limited (CHL) has received the approval of the board of directors for the acquisition of Mahananda Spa and Resorts Private Limited, owning company of The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh, a 141-room resort, nestled in the Himalayas. This acquisition strengthens the company’s position in the high-growth leisure, spiritual and wellness tourism market, unlocking new opportunities.
CHL is in the process of entering into a definitive agreement with Mankind Pharma Limited, for 100% stake of Mahananda Spa and Resorts Private Limited, the owning company of the property at an enterprise value of Rs. 5.3 billion. CHL will be concluding the formalities shortly.
The Westin Resort & Spa, Himalayas opened its doors in January of 2023. For its second year of operations the property reported an ADR of over Rs. 26,000 as of YTD Dec 24 with an occupancy of 45%.
Strategically located in the foothills of the Himalayas, near the spiritual and yoga hub of Rishikesh, the resort features 141 rooms, over 10,000 sq.ft. of event space, dining options, and wellness amenities, including the Heavenly Spa by Westin and the WestinWorkout Fitness Studio. The outdoor lawns of the resort provide settings for weddings. The resort is 45 minutes from Jolly Grant Airport Dehradun.
Speaking on the acquisition, Dr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “This proposed acquisition will be a key milestone in Chalet Hotels’ strategy to expand footprint in India’s high-growth luxury and leisure segment. The Westin Resort & Spa, Himalayas, is a premier wellness destination that perfectly aligns with our vision of offering world-class hospitality experiences. With its breathtaking location and exceptional amenities, this property will strengthen our leisure portfolio and allows us to cater to the evolving preferences of modern travellers. We look forward to elevating the guest experience and further driving sustainable growth with this new addition.”
