Chalet Hotels on Saturday said it has signed a share purchase agreement (SPA) to acquire Belaire Hotels Pvt Ltd -- owner of Novotel Hotel in Pune -- and its affilate entity SHPL for an aggregate enterprise value of around Rs 290 crore.
The completion of the transaction is subject to fulfillment of certain conditions precedent as agreed in the SPA, Chalet Hotels said in a filing to the BSE.
The Novotel hotel is operated by AAPC India Hotel Management Pvt Ltd (part of Accor Group) under a management agreement, it added
Commenting on the development, Chalet Hotels MD and CEO Sanjay Sethi said, "This move is in line with our growth strategy of strengthening and expanding our portfolio to new geographies with strong demand potential."
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