Chalet Hotels to Acquire Courtyard by Marriott Aravali Resort

05.03.2024 - 08:53 / skift.com / Bulbul Dhawan / Airlines

Hotel developer Chalet Hotels has announced that it is in the process of acquiring Courtyard by Marriott Aravali Resort. The 158-key resort, located near Delhi, is under the ownership of Ayushi and Poonam estates. It has been operational since June 2022. 

The enterprise value of the transaction is INR 3.15 billion ($38 million). The resort has reported average daily rates of INR 13,500 ($163) between April 1 and December 31, 2023. It had an occupancy rate of 44% during this period. 

Chalet’s venture into North India: Chalet Hotels Limited is a hotel owner and developer company, under the K Raheja Corp. Chalet developed eight hotels in Maharashtra and southern states of India, partnering with brands such as Marriott International and Accor for management of these properties. The company has currently nine operational properties.

Chalet’s first project in North India was announced when it was awarded the contract to develop a hotel at the T3 terminal of Indira Gandhi International Airport, Delhi. This hotel will be operated under IHCL’s Taj brand. The acquisition of Courtyard by Marriott Aravali Resort marks Chalet’s second property in North India, in line with its expansion strategy.

Mankind Pharma owner’s hospitality venture: Courtyard by Marriott Aravali Resort had marked the foray of Mankind Pharmaceuticals’ owner RC Juneja in the hospitality industry via Ayushi and Poonam estates. Post this resort, the Mankind family’s second hospitality venture – The Westin Resort & Spa, Himalayas – opened in Rishikesh, Uttarakhand last year. 

Budget airline Akasa Air has entered the market in Jammu and Kashmir. On March 1, the airline commenced its operations from Srinagar. The carrier is now operating daily flights between Srinagar and Mumbai. 

Akasa Air, which began operating in August 2022, has served more than 7.75 million passengers. On a drive to rapidly expand its network, the airline last month announced Doha, Qatar as its first international destination. With this, it is now connecting 21 destinations. 

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The state government has tried to provide eligible local community tourism organizations with benefits including capital subsidy, promotion subsidy, and operational subsidy. In the 2022-23 financial year, Assam had recorded more than 9.8 million tourists, of which 18,946 were foreign tourists.

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