Hyderabad sources reported that Chalet Hotels, the owner, developer and asset manager of high-end hotels in metro cities, plans to add 588 rooms across three projects in Mumbai and Hyderabad. An official said “The Company will add 178 keys in Hyderabad by April 2021, 260 keys in Airoli Navi Mumbai by September 2021 and 150 keys in Powai Mumbai by September 2021”. Presently the company operates five hotels with 2,328 rooms across three cities Mumbai, Bengaluru and Hyderabad.
Reportedly the company plans to use a part of its proposed IPO to fund these projects. The IPO aims to raise Rs 950 crore. Accordingly the offer opens on January 29 and closes on January 31. The company will become the third most valued company after the listing. Furthermore according to Ambit’s IPO Note, the company is “best placed in the premium segment given its presence in strategic and demand dense locations, tie ups with marquee brands and superior scale.”
Moreover the company, which is owned by K. Raheja Corp, also planned two projects representing commercial office space with a built up area of 11.2 lakh square feet. Apparently in the luxury and upper scale premium segment where the company operates, demand (FY18-22) is expected to grow at around 12% and the growth is outpacing supply growth (FY18-22) which is just around 7%.
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