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Chalet Hotels Limited (CHL), which owns, develops and operates hotels and resorts in India, has invested in a leisure property, The Dukes Retreat, which is an 80-room resort in Khandala, for an enterprise value of 133 crore.

“CHL has entered into definitive agreements to acquire The Dukes Retreat Pvt. Ltd. and Sonmil Industries Pvt. Ltd. for an Enterprise Value of Rs. 1,330 mn (to be adjusted for cash on books). The resort land is owned by Sonmil Industries Pvt. Ltd., while the hotel structure and its business are owned by The Dukes Retreat Pvt. Ltd," Chalet Hotels said.

The company said it would acquire 100% shares of Sonmil Industries for 74.64 crore, and 82.28% of shares in The Dukes Retreat for 81.75 crore. About 18% of the shares of The Dukes Retreat Private Limited will remain with its previous owner Sonmil Industries Private Limited.

Chalet Hotels is backed by real estate development firm K Raheja Corp and its hotel portfolio includes the JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace and Bengaluru Marriott Hotel Whitefield.

The hotel is spread over 7.5 acre and will be able to add another 42 rooms when redeveloped. Chalet said in a statement that it will finalise its plans of expansion and upgrading the property to reposition it as an upper-upscale green, lifestyle resort in the coming days and that with this acquisition, it will enhance diversification in its portfolio by expanding its owned asset portfolio in the leisure segment.

Sanjay Sethi, MD & CEO of Chalet Hotels said, “The Dukes Retreat has a strong emotional connect with a large number of families from Mumbai and Pune. We welcome the guests and the associates of the resort to the family. We are well positioned in a sweet spot with several of our capex projects approaching commercial opening in the next few months."

In July last year, the company was awarded the contract by Delhi International Airport Limited (DIAL) to develop a hotel at the T3 Terminal of Indira Gandhi International Airport (IGIA). The upcoming terminal hotel will be the company’s ninth hospitality property in the country, the shell of which has to be made by DIAL. The company will complete interiors and other fit-outs and it is expected to be commissioned in FY26 or earlier. But Mint has learnt that this project has not begun yet.

ABOUT THE AUTHOR
Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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Updated: 23 Mar 2023, 04:53 PM IST
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