NEW DELHI: Chalet Hotels Ltd on Monday said it will acquire Mahananda Spa and Resorts Pvt Ltd, which owns the Westin Resort and Spa, Himalayas (TWRS) in Rishikesh, at an enterprise value of Rs 530 crore. The company has received the approval of the board of directors for the acquisition, Chalet Hotels Ltd (CHL) said in a statement.
The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh is a 141-room luxury resort.
“This strategic acquisition strengthens the company’s position in the high-growth leisure, spiritual and wellness tourism market, unlocking new opportunities for premium experiences and long-term value creation,” the company said.
CHL said it is in the process of entering into a definitive agreement with Mankind Pharma Ltd for acquiring a 100 per cent stake of Mahananda Spa and Resorts Pvt Ltd, the owning company of the property at an enterprise value of Rs 530 crore.
“This proposed acquisition will be a key milestone in Chalet Hotels’ strategy to expand footprint in India’s high-growth luxury and leisure segment. The Westin Resort & Spa, Himalayas, is a premier wellness destination that perfectly aligns with our vision of offering world-class hospitality experiences,” CHL MD & CEO, Sanjay Sethi said.
The formalities will be concluded shortly, the company added.
