In a strategic move to expand its presence in the luxury hospitality segment, Chalet Hotels has announced the acquisition of Mahananda Spa and Resorts Private Limited, a wholly owned subsidiary of Mankind Pharma Limited. The deal includes ownership of The Westin Resort & Spa, Himalayas, a premium 141-room hotel located in Rishikesh, Uttarakhand.
The Board of Directors approved the acquisition at a meeting held on February 10, 2025, and the company is in the process of finalizing definitive agreements. The transaction, valued at an enterprise value of INR 530 crore (adjusted for net current assets), is expected to be completed by February 28, 2025.
Key Details of the Acquisition:
- Target Entity: Mahananda Spa and Resorts Private Limited
- Financial Highlights (FY 2023-24):
- Revenue: INR 74.33 crore
- EBITDA: INR 21.35 crore
- Nature of Consideration: Cash transaction
- Percentage of Shareholding Acquired: 100%
- Regulatory Approvals Required: None
Strategic Significance:
The acquisition aligns with Chalet Hotels’ long-term vision of diversifying its hospitality portfolio by adding premium leisure properties across different geographies. The Westin Resort & Spa, Himalayas, which commenced operations in January 2023, boasts luxury accommodations, two restaurants, and two bars, enhancing the company’s footprint in the high-end hospitality market.
Company Statement:
A spokesperson for Chalet Hotels stated, “This acquisition is a significant step towards strengthening our luxury and leisure segment. The Westin Resort & Spa, Himalayas, is a prime asset that complements our growth strategy. We are confident that this move will bolster our position in the Indian hospitality industry.”