Chalet Hotels share price surges 11% on Marriott deal
Chalet Hotels Limited (CHL), is an owner, developer and asset manager of high‐end hotels in key metro cities in India.
December 31, 2019 / 09:41 AM IST
Shares of Chalet Hotels jumped over 11 percent to hit their fresh 52-week high of Rs 395 in early deals on December 31.
Shares of the company got traction a day after the company said in a media release that it had entered into agreements with Marriott Hotels India Private Limited and its affiliates under which the company would build hotels & extend contracts across brands such as W, Westin & Marriott Executive Apartment in Hyderabad & Mumbai.
‘The Westin Hyderabad Hitec City’, an upcoming about 170 keys property and expected to be commissioned in 2020, while ‘The Westin Hyderabad Mindspace’ (427 keys) is a new contract continuing with the existing brand, the media release said.
‘W Mumbai Powai Lake’, is an upcoming nearly 150 keys property in Powai Mumbai which is expected to be ready in 2023.
‘The Westin Mumbai Powai Lake’ (600 keys) which is a new contract with ‘brand conversion’ for Renaissance Mumbai Convention Centre and Hotel and ‘Lakeside Chalet, Mumbai – Marriott Executive Apartments’ (173 keys) is a new contract continuing with the existing brand, the media release added.
"This, one of the largest ever deals signed in the Luxury and Upper‐upscale hotel tier in India leverages historical synergies between Chalet and Marriott International. The 1500+ keys come at a time when the demand and supply arbitrage is favorable for the industry, providing exciting growth opportunities for both companies," the media release said.
Chalet Hotels Limited (CHL), is an owner, developer and asset manager of high‐end hotels in key metro cities in India. Marriott International is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,200 properties under 30 leading brands spanning 134 countries and territories.