Chalet Hotels Acquires Courtyard by Marriott Aravali Resort

Chalet Hotels, part of K Raheja Corp group, has acquired Courtyard by Marriott Aravali Resort for Rs 315 crore. This 158-room property spread over eight acres had been on the market for about a year now, the hotel company said in an exchange notification.

Owned by the family of RC Juneja, co-founder and chairman of Mankind Pharma, via Ayushi and Poonam Estates LLP, the resort was launched in July 2022, reporting average daily rates of over Rs 15,000 a night. This was the Mankind family's first hospitality venture. It has another 141-room hotel in Rishikesh, which is also managed by Marriott-owned The Westin Resort & Spa Himalayas.

Chalet Hotelsis  looking to add about 800 rooms to its offerings for which it has earmarked Rs 2,000 crore as current capital work-in-progress. The company intends to have about 5,000 rooms in the next three to four years in its entire portfolio. 

For the first nine months of the current fiscal year (April-December), the company reported a net profit of Rs 195 crore, an increase of 33% year-on-year.