Chalet Hotels entered into five new agreements extending their collaboration with Marriott International Inc.
Under the agreement, Chalet would build hotels & extend contracts across brands such as W, Westin & Marriott Executive Apartment in Hyderabad & Mumbai, the company said after market hours yesterday, 30 December 2019.This, one of the largest ever deals signed in the luxury and upper‐upscale hotel tier in India, leverages historical synergies between Chalet and Marriott International. The 1500+ keys come at a time when the demand and supply arbitrage is favorable for the industry, providing exciting growth opportunities for both companies.
Earlier this month, the company signed a franchise agreement with Hyatt India Consultancy (Hyatt) and its affiliates for Hyatt Regency Navi Mumbai Airoli. The company's upcoming ~260 keys hotel at Airoli, Navi Mumbai (Mumbai Metropolitan Region) will be the first Hyatt Regency branded hotel for Chalet.
Shares of Chalet Hotels jumped 8.35% to Rs 384.80. The stock traded above its 20 days simple moving average placed at 340.34 and 50 days simple moving average placed at 339.13. These levels will act as support in near term. The stock has advanced 32.51% since its listing on 7 February 2019.
Part of the K. Raheja Corp, Chalet Hotels (CHL) is an owner, developer and asset manager of high-end hotels in key metro cities in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
