According to reports from CNBC TV18, Chalet Hotels Ltd announced on April 24 that its board has approved the acquisition of Seasons Hotels, the owner of Inder Residency Resort & Spa in Udaipur, for a total consideration of ₹171 crore. The acquisition will be executed through a 100% equity purchase in tranches, with completion expected by May 16, or a mutually agreed date. The transaction involves cash consideration and does not fall under related party transactions, as reported in the company's regulatory filing.
As reported by CNBC TV18, Seasons Hotels owns a 144-room property spread across approximately 8.2 acres in Udaipur, Rajasthan. The hotel, operational since October 2008, includes restaurants, a bar, and banquet facilities. The property has demonstrated consistent revenue growth, with turnover of ₹74.3 million in FY25, ₹103.5 million in FY24, and ₹97.2 million in FY23. The resort currently features expansive lawn areas and extensive banqueting facilities suitable for weddings and MICE events.
According to CNBC TV18, Chalet Hotels stated that the acquisition aligns with its strategy to expand its hospitality portfolio, particularly in leisure destinations across India. Following the acquisition, the company plans to upgrade the resort into an upper upscale or lifestyle destination. The property is expected to remain non-operational during the upgrade phase, while the company may also evaluate scope for expansion, including adding more rooms. As reported by Mr. Shwetank Singh, Managing Director and CEO, the acquisition addresses the company's long-standing interest in the Udaipur market. By focusing on asset enhancement and premium positioning, Chalet Hotels aims to generate long-term value for its stakeholders, strengthening its presence in the premium hospitality space.
This expansion follows Chalet Hotels' established track record as an owner and operator of premium hospitality assets. With 11 operating hotels and 3,389 keys globally, the company continues to bolster its presence. Beyond its expansion efforts, Chalet Hotels remains committed to its sustainability goals, having achieved an overall ESG score of 82 in the latest S&P Global Corporate Sustainability Assessment, ranking 2nd globally in its category. The acquisition is part of the company's broader growth strategy to capitalize on the increasing demand for leisure travel in India's high-growth markets.
