Chalet Hotels Limited signs definitive agreements for acquisition of The Dukes Retreat, Khandala
Upon completion of the transaction, Chalet will finalise its plans of expansion and up-gradation of the property
Chalet Hotels Limited, owner, developer, asset manager and operator of high-end hotels and resorts in India, has announced its investment foray into leisure as it signs definitive agreements for the acquisition of The Dukes Retreat. The Dukes Retreat is spread over an area of around 7.5 acres, surrounded by waterfalls and offering views of the Western Ghats.
CHL has entered into definitive agreements to acquire The Dukes Retreat Pvt Ltd and Sonmil Industries Pvt Ltd for an enterprise value of Rs 1,330 mn (to be adjusted for cash on books). The resort land is owned by Sonmil Industries Pvt Ltd, while the hotel structure and its business are owned by The Dukes Retreat Pvt Ltd. Upon completion of the transaction, Chalet will finalise its plans of expansion and up-gradation of the property to reposition it as an upper-upscale green, lifestyle resort.
The Dukes Retreat is located at a drivable distance from both Mumbai and Pune. The 80-room resort includes 18 Deluxe Rooms, 54 Executive Rooms and eight Cottages, while offering a gourmet experience at the in-house restaurant with views of cliffs and valleys. Other facilities at the resort include an outdoor pool, play area for kids, spa and a fitness centre. This property has been a preferred destination for individual leisure travellers, weddings and corporate events.
With this acquisition, CHL will further enhance diversification in its portfolio by expanding its owned asset portfolio in the leisure segment.
Following the announcement, Sanjay Sethi, MD & CEO at Chalet Hotels Limited, said, “The Dukes Retreat is a unique resort with stunning views and a strong emotional connect with large number of families from Mumbai and Pune. We welcome the guests and the associates of the resort to the Chalet family. Chalet Hotels Ltd is positioned in a sweet spot with several of its capex projects approaching commercial opening in the next few months. The Dukes Retreat is the new addition.”
