Chalet Hotels Ltd

History of Chalet Hotels Ltd

Chalet Hotels Limited was incorporated as a Private Limited Company with the name 'Kenwood Hotels Private Limited' on January 6, 1986. On July 19, 1997, the Company was converted into a Public Company and the name was changed to 'Kenwood Hotels Limited'. On April 6, 1998, the name of Company was further changed to 'K. Raheja Resorts & Hotels Limited'. Thereafter, on May 4, 1999, the name was changed to 'Chalet Hotels Limited'. On the conversion of Company to a Private Limited Company via fresh Certificate of Incorporation issued by the RoC on October 15, 2011, the name changed to 'Chalet Hotels Private Limited'. Resulting to this, Company converted the status to a Public Limited Company as 'Chalet Hotels Limited' on June 6, 2018. Chalet Hotels Limited, the hospitality arm of one of India's leading real-estate development group, viz. K Raheja Corp, is an owner, developer, asset manager and operator of hotels under globally leading hospitality brands and resorts in the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune and Lonavala. Chalet also has significant interests in commercial assets located in MMR and Bengaluru. The Company is engaged in business of hospitality (hotels), commercial and retail operations and real estate development. At March 31, 2025, the Company has 7 hotels (and one service apartment building) operating at Powai and Sahar (Mumbai), Vashi (Navi Mumbai), Pune, Bengaluru and Hyderabad, commercial property at Bengaluru and Sahar, ...Mumbai and is engaged in construction and development of a residential property at Bengaluru. Chalet Hotels Limited came out with an Initial Public Offering (IPO) of 58,613,571 equity shares of Face Value of Rs 10 each of the company for cash at a price of Rs 280 per equity share (including a share premium of Rs 270 per equity share) aggregating to Rs1614.18 Crores. The offer comprises of a fresh issue of 33,928,571 equity shares aggregating Rs 950 crores by the company (fresh issue) and an offer for sale of 24,685,000 equity shares aggregating to Rs 691.18, comprising an offer for sale of 5,550,000 equity shares aggregating to Rs 155.40 crores by Ravi C Raheja, 5,550,000 equity shares aggregating to Rs 155.40 by Neil C Raheja, 10,784,176 equity shares aggregating to Rs 301.96 crores by K Raheja Corp Pvt. Ltd., 800,000 equity shares aggregating to Rs 22.40 crores by Palm Shelter Estate Development LLP., and 2,000,824 equity shares aggregating to Rs 56.02 crores by Ivory Properties and Hotels Pvt., Ltd, (the selling shareholders). The IPO was priced at Rs 280 per equity share. IIn FY'21, the Company acquired 20.8% of the Equity Share Capital of Krishna Valley Power Private Limited and 26% of the Equity Share Capital of Sahyadri Renewable Energy Private Limited, being entities engaged in generation of hydropower. During 2021-22, commercial projects in Mumbai and Bengaluru and the residential project at Bengaluru were recommenced. It completed the 1st phase of renovation and rebranding of Powai Hotel and expanded room inventory at Novotel in Pune. In 2022-23, the Company acquired 80-room resort property, The Dukes Retreat' at Lonavala; it ventured into the North Indian market with the Delhi International Airport Limited to design, develop and operate a hotel opposite Terminal 3, at the IGI Airport in New Delhi. It opened the first all-women operated hotel - The Westin Hyderabad HITEC City in June 2023. During 2022-23, the Company commissioned renovation of 121 rooms and the banquet facilities at The Westin Mumbai Powai Lake'; expansion work on 88 rooms at Novotel Pune Nagar Road; construction of the commercial tower at Whitefield, CIGNUS Tower 1 and conversion of the mall at Bengaluru to commercial premises. In 2022-23, the Company acquired 100% of the Equity Shares of Sonmil Industries Private Limited and accordingly post completion of the transaction, Sonmil was made a wholly owned subsidiary of the Company effective March 23, 2023. Similarly, 82.28% of the Equity Shares of The Dukes Retreat Private Limited was acquired and it became the subsidiary of the Company effective from the March 23, 2023. In 2023-24, Belaire Hotels Private Limited and Seapearl Hotels Private Limited have been merged with the Company through Scheme of Amalgamation and the said Scheme is effective from June 19, 2023. The Company created a milestone with the opening of its second hotel in Telangana, 'The Westin Hyderabad HITEC City' in FY24. It also expanded the existing property, 'Novotel Pune Nagar Road' by adding 88 rooms taking the count for the said Hotel to 311 rooms. The construction of the CIGNUS Powai Tower I in Mumbai was commissioned in 2024. The Company acquired the Courtyard by Marriott, Aravali Resort, through the expansion in NCR region. The opening of The Westin Hyderabad Hitec City marked an addition to Company's portfolio in FY24. The construction of the ~385-390 room Taj' at Terminal 3, Delhi International Airport has commenced during the year. Similarly, the work on ~125-130 additional guest rooms at Bengaluru Marriott Hotel Whitefield has commenced development of ~280 rooms hotel viz. Hyatt Regency' at Airoli, Navi Mumbai. The Company acquired Mahananda Spa and Resorts Private Limited, a Company in Rishikesh, owning The Westin Resort & Spa, Himalayas, a 141 room hotel at Rishikesh in the state of Uttarakhand in FY 2024-25. It commissioned its commercial offering at Powai in Mumbai viz. CIGNUS Powai Tower 1. It added ~125-130 additional guest rooms at Bengaluru Marriott Hotel Whitefield; added ~280 room hotel viz. Hyatt Regency' at Airoli, Navi Mumbai and ~170 room 5-star luxury hotel at Varca in Goa in 2025.