Mumbai: Chalet Hotels Ltd said on Thursday that Shwetank Singh, currently executive director and chief investment officer, will take over as managing director and CEO effective 1 February, 2026. He will succeed Sanjay Sethi, whose term ends a day earlier.
“This transition is the outcome of a meticulous and collaborative process aimed at preserving our strategic direction while infusing fresh perspective and energy,” said Sethi, who has led Chalet through a phase of expansion and diversification.
The company said the leadership change was part of a “well-crafted succession plan developed in collaboration with the board.”
The company also reported a strong first-quarter performance for FY26, with net profit surging 235% to ₹203.1 crore, from ₹60.6 crore in the year-ago period, while Ebitda jumped 150% to ₹371.1 crore (from ₹148.3 crore).
Total income during the quarter was up 146% year-on-year to ₹908.3 crore, driven by a one-time boost from its residential segment. The revenue recognition from the company’s Koramangala residential project in Bengaluru, was at ₹439.1 crore, while the core hospitality revenue rose 18% to ₹385.6 crore, with average room rates growing 17% to ₹12,207, although occupancy dipped slightly to 66% from 70% in the year-ago period.
Rental and annuity revenue also more than doubled to ₹73.2 crore, as Chalet continues to expand its commercial real estate footprint. The company currently operates 11 hotels and resorts with 3,351 keys under brands like JW Marriott, The Westin, and Novotel, and has about 1,200 rooms under development.
Key project updates during the quarter included the addition of 121 rooms at Marriott Whitefield, Bengaluru, and the operationalization of 44 newly renovated keys at The Dukes Retreat in Khandala. The final phase of this Khandala project is on track for completion, bringing total inventory there to 147 rooms.
Projects under construction include The Taj at Delhi Airport (slated for completion in H1 FY27), Varca Beachfront Resort in Goa (FY28), and a second commercial tower at Powai’s The Westin complex (FY27).
