Chalet Hotels acquires Courtyard by Marriott Aravali Resort to strengthen portfolio in leisure segment
In a strategic move to bolster its presence in the leisure hospitality sector, Chalet Hotels Limited (CHL) has successfully executed definitive agreements for the acquisition of the Courtyard by Marriott Aravali Resort, NCR (CYMA). The transaction, finalized on February 29, 2024, for an Enterprise Value of INR 3,150 MN, marks a significant milestone in CHL’s expansion strategy. The acquisition of the 158-room resort, spanning 14 acres, underscores CHL’s commitment to enhancing its offerings and capitalizing on the growing demand for leisure and destination wedding venues within proximity to the National Capital Region (NCR).
Courtyard by Marriott Aravali Resort’s strategic location, within a 1.5-hour drive from New Delhi, Gurgaon, and Noida, coupled with its easy accessibility to Indira Gandhi International Airport New Delhi, positions it as a preferred choice for leisure travelers, MICE (Meetings, Incentives, Conferences, and Exhibitions), and destination weddings. Since its opening in June 2022, the resort has reported an Average Daily Rate (ADR) of approximately Rs 13,500 for the year-to-date December FY24, with an occupancy rate of 44%.
The resort is equipped with diverse dining options, including an all-day dining restaurant, a bar & lounge, a pool bar, and a pan-Asian restaurant, providing guests with a rich culinary experience. Additionally, it offers a range of recreational facilities such as a gym, spa, pool, and a dedicated kids’ play area. Adventure enthusiasts can enjoy the on-premises adventure park, featuring attractions like zipline, quad bike, automated paintball arena, artificial climbing, horse riding, camel cart, and more.
Sanjay Sethi, MD & CEO of Chalet Hotels Limited, expressed his enthusiasm about the acquisition, stating, “Courtyard by Marriott Aravali Resort aligns seamlessly with our stated growth strategy to expand into the leisure space at a drivable distance from the National Capital Region. This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader.”
This acquisition by Chalet Hotels Limited is a testament to the company’s forward-looking growth strategy and its focus on the burgeoning leisure and destination wedding market in India. The strategic location and comprehensive offerings of Courtyard by Marriott Aravali Resort make it a valuable addition to CHL’s portfolio, promising enhanced guest experiences and significant revenue potential. As the hospitality sector continues to recover and evolve post-pandemic, CHL’s move to diversify and strengthen its leisure segment offerings is both timely and astute.