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NEW DELHI : Chalet Hotels Ltd – owner, developer, and asset manager of hotels like Lakeside Chalet, Renaissance Mumbai Convention Centre Hotel etc. – has announced its results for the third quarter as well as for the nine months ending December 2021 at 165.7 crore. 

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations was 41.9 crore in the quarter ended December, as compared to the second quarter ended 30 September 2021.

The revenue growth for the period it said was 54% over the last quarter and the REVPAR or revenue per available room for the third quarter was 3,035 up by 40% as well as occupancy was at 60%. The RevPAR is calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate.

The company said its board had also approved the change in the use of the proposed new 150 room hotel at Renaissance Mumbai Convention Centre Hotel in Powai to a commercial office space. The company is rebranding The Renaissance Mumbai Convention Centre Hotel in Powai to a Westin. Separately, the proposed 150 room hotel in the Renaissance complex, is being changed to commercial office space, basis demand dynamics for the office rental segment. The decision, it said, was taken after an evaluation of the demand dynamics for hospitality and office rental segments within the market.

The company's hotel portfolio also includes JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai; The Westin Hyderabad Mindspace and Bengaluru Marriott Hotel Whitefield.

Due to changes in project specification and other lockdown related delays the completion of the commercial project at Marriott Complex, Whitefield, Bengaluru is likely get delayed by a quarter, from the earlier target of Q4FY22.

Sanjay Sethi, MD and chief executive of the firm said the third quarter saw the hospitality segment demonstrating strong recovery with segment revenue growing quarter on quarter by 55% and segment EBIDTA was up 167%.

"The impact from the third wave has been lower and the pick-up is likely to be faster than the earlier waves giving visibility of full recovery in the near future. Throughout these challenging times, we have focused on our core business strategy of prudent capital and asset management and Environmental, Social and Governance commitments, paving the way for long term returns."

According to the India Brand Equity Foundation, a government export promotion agency, the Indian hotel market including domestic, inbound and outbound was estimated at $32 billion in FY20 and is expected to reach $52 billion by FY27, driven by the surging demand from travellers and sustained efforts of travel agents to boost the market.

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