Chalet Hotels plans to add 588 rooms
The company plans to use a part of its proposed IPO to fund these projects. The IPO aims to raise Rs 950 crore.
Hyderabad: Chalet Hotels, the owner, developer and asset manager of high-end hotels in metro cities, plans to add 588 rooms across three projects in Mumbai and Hyderabad.
“The company will add 178 keys in Hyderabad by April 2021, 260 keys in Airoli Navi Mumbai by September 2021 and 150 keys in Powai Mumbai by September 2021,” said an official.
Currently, the company operates five hotels with 2,328 rooms across three cities — Mumbai, Bengaluru and Hyderabad.
The company plans to use a part of its proposed IPO to fund these projects. The IPO aims to raise Rs 950 crore. The offer opens on January 29 and closes on January 31. The company will become the third most valued company after the listing.
According to Ambit’s IPO Note, the company is “best placed in the premium segment given its presence in strategic and demand-dense locations, tieups with marquee brands and superior scale.”
The company, which is owned by K. Raheja Corp, also planned two projects representing commercial office space with a built-up area of 11.2 lakh square feet.
In the luxury and upper-scale premium segment where the company operates, demand (FY18-22) is expected to grow at around 12 per cent and the growth is outpacing supply growth (FY18-22) which is just around seven per cent.