Chalet Hotels to buy out partners' stake in Ayushi and Poonam Estates for Rs 315 cr

Chalet Hotels Ltd on Thursday said it will acquire its partners' share in Ayushi and Poonam Estates LLP -- the owner of Courtyard by Marriott, Aravalli Resort, in the National Capital Region -- for Rs 315 crore.

The board of directors of the company at its meeting held on February 29, 2024, considered and approved the acquisition, Chalet Hotels said in a regulatory filing.

The cost of acquisition, to be carried out for cash consideration, is pegged at an enterprise value of Rs 315 crore, to be adjusted for net current assets, including cash, it added.

The transaction is likely to be completed by March 10, 2024, the company said.

Courtyard by Marriott, Aravalli, is a 158-room hotel with two restaurants and two bars, having a built-up area of 18,533 sq metres. Ayushi and Poonam Estates LLP is the owning entity of the hotel.