Last Updated : Monday, January 20, 2020 01:15:24

CHALET HOTELS inks pact to acquire NOVOTEL PUNE

PUNE | MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Mumbai headquartered Hospitality sector company Chalet Hotels Ltd said of having entered into definitive agreement to acquire Novotel Pune, with this deal, the company marks entry into Pune market.

The press-release titled, “Chalet Hotels Limited enters definitive agreement to acquire Novotel Pune Nagar Road Hotel Marks entry into Pune market”, enclosed with the filing as submitted by the company to the Indian Bourses, further read that, Chalet Hotels Limited (Chalet), today signed a Share Purchase Agreement (SPA) for the purchase of Belaire Hotels Pvt Ltd (BHPL), owner of Novotel Pune Nagar Road Hotel and its affiliate entity Seapearl Hotels Pvt Ltd (SHPL) based on an aggregate enterprise value of ~Rs.290 crore (~2.9 billion).

The completion of the transaction is subject to fulfillment of certain conditions precedent as agreed in the SPA.

Novotel Pune Nagar Road Hotel is a 223-room, 5-star Hotel, located in Viman Nagar, Pune’s affluent neighborhood with proximity to the airport and easy access to prime business centers in the region.

The Hotel currently caters to the business traveller demand and has the capacity to add another ~g4 to 88 rooms which are currently in bare-shell condition.

The Hotel houses two restaurants, a bar and banqueting space and is operated by AAPC India Hotel Management Pvt Ltd (part of Accor Group) under a management agreement.

With this new relationship, Chalet marks the beginning of its tie-up with Accor, one of the largest global hospitality players with significant presence in India with key brands such as ‘Fairmont’, ‘Sofitel’ ‘Novotel’ and ‘ibis’ amongst others.

Chalet enjoys a successful and long-standing relationship with the Marriott group, who is the operator/brand partner across six brands within the operating portfolio with an offering of 2,331 rooms.

Pune City attracts significant traffic from business travellers and is proving to be a major hub for fintech, technology and auto and auto ancillary industries in India, making it a perfect destination choice for Chalet Hotels Ltd.

This move is also in line with the strategy of expanding into high traffic business and leisure destinations of NCR, Mumbai region, Goa, Bangalore, Pune, Chennai and Hyderabad.

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