Chalet Hotels Limited (CHL), announced that the company marks its investment foray into leisure as it completes the acquisition of ‘The Dukes Retreat’, via an exchange filing.
'The Dukes Retreat' is an 80-room resort spread over ~7.5 acres, surrounded by gorgeous waterfalls and picturesque views of the Western Ghats.
A dominant player in the business hospitality space, CHL has an earned repute of creating asset value through curations of high-end hospitality assets in key metro cities and offering exceptional guest experiences.
CHL has completed the acquisition for an Enterprise Value of Rs. 1,330 mn (to be adjusted for cash on books) by way of purchase of equity shares of:
• The Dukes Retreat Pvt. Ltd. : Owner of hotel structure and business
• Sonmil Industries Pvt. Ltd. : Owner of the land of the hotel
With this acquisition, CHL will extend its expertise towards expansion and up-gradation of the property to reposition it as an upper-upscale, green, lifestyle resort.
About The Dukes Retreat
The Dukes Retreat is strategically located at a comfortable drivable distance from both Mumbai and Pune.
The resort includes 18 Deluxe Rooms, 54 Executive Rooms and 8 Cottages, and offers a gourmet experience at the in-house restaurant with panoramic views of cliffs and valleys.
Other facilities at the Resort include an outdoor pool, play area for kids, spa, and a fitness center.
The property has been a preferred destination for leisure travelers, wedding celebrations, and corporate events.
Following the announcement, Sanjay Sethi, MD & CEO 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.”
