Chalet Hotels Limited (CHL) has received the approval of the board of directors for the acquisition of Mahananda Spa and Resorts Private Limited, the owning company of The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh
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.
CHL is in the process of entering into a definitive agreement with Mankind Pharma Limited, for a 100% stake of Mahananda Spa and Resorts Private Limited, the owning company of the property at an enterprise value of Rs. 5.3 Billion. CHL will be concluding the formalities shortly.
The Westin Resort & Spa, Himalayas, known for its wellness-focused experiences, opened its doors in January of 2023. For its second year of operations, the property reported an ADR of over Rs. 26,000 as of YTD Dec 24 with an occupancy of 45%.
Strategically located in the foothills of the Himalayas, near the spiritual and yoga hub of Rishikesh, The resort is 45 minutes from Jolly Grant Airport Dehradun and offers plenty of recreation opportunities.
Key highlights of the performance:
| FY24 (Audited) | YTD Dec FY25 (Unaudited) | |
| ADR (Rs.) | ~24,000 | ~26,000 |
| Occ % | 40% | 45% |
| Revenue (Rs. Mn) | 743 | 719 |
| EBITDA (Rs. Mn) | 213 | 269 |
Speaking on the acquisition, Dr Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said: “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.
“With its breathtaking location and exceptional amenities, this property will strengthen our leisure portfolio and allow us to cater to the evolving preferences of modern travellers. We look forward to elevating the guest experience and further driving sustainable growth with this new addition,” he added.
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