Chalet Hotels jumps on agreements with Marriott

Chalet Hotels gained nearly 11 per cent in today’s trade on signing five new agreements, extending their collaboration with Marriott International.

Under these agreements, Chalet Hotels would build hotels & extend contracts across brands, such as W, Westin, and Marriott Executive Apartment in Hyderabad and Mumbai.

The details of the agreements include ‘The Westin Hyderabad Hitec City’ (expected to be commissioned in 2020) and ‘W Mumbai Powai Lake’ (expected to be ready in 2023). It also comprises new contracts of ‘The Westin Hyderabad Mindspace,’ ‘The Westin Mumbai Powai Lake,’ and ‘Lakeside Chalet, Mumbai – Marriott Executive Apartments.'

This is one of the largest deals ever signed in the Indian luxury and upper‐upscale hotel tier and leverages historical synergies between Chalet and Marriott International.

Chalet Hotels Limited's platform comprises five operating hotels and a hotel with a co-located serviced residence. Currently, its assets are branded with global partners, such as JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance, and Four Points by Sheraton, which are the part of the Marriott Group.

The company’s geographical revenue mix, as of H1FY20, consists of Mumbai Metropolitan Region- 62 per cent, Bengaluru- 19 per cent, and Hyderabad- 19 per cent.

Today, the stock jumped nearly 11 per cent and made an intraday high of Rs 395 on the BSE.