Chalet Hotels to acquire Westin Resort & Spa, Rishikesh for Rs 530 crore

Chalet Hotels, part of the K Raheja group, announced its acquisition of Mahananda Spa and Resorts, which owns The Westin Resort & Spa, Himalayas, for an enterprise value of Rs 530 crore on Monday.

 

The company will acquire a 100 per cent stake in Mahananda Spa and Resorts, a wholly owned subsidiary of Mankind Pharma Limited.

 

“This strategic acquisition strengthens the company’s position in the high-growth leisure, spiritual, and wellness tourism market, unlocking new opportunities for premium experiences and long-term value creation,” Chalet Hotels stated in a release.

 

The 141-room resort features over 10,000 sq ft of event space.

 

 

“This proposed acquisition will be a key milestone in Chalet Hotels’ strategy to expand its footprint in India’s high-growth luxury and leisure segment. The Westin Resort & Spa, Himalayas, is a premier wellness destination that perfectly aligns with our vision of offering world-class hospitality experiences,” said Sanjay Sethi, managing director and chief executive officer, Chalet Hotels Limited. 

 

The acquisition is set to be completed by February 28.

 

“With its breathtaking location and exceptional amenities, this property will strengthen our leisure portfolio and allow us to cater to the evolving preferences of modern travellers,” Sethi added.

 

Mahananda Spa and Resorts recorded revenue of Rs 71.85 crore in the first nine months of the financial year (FY) 2025. In FY24, the company reported revenue of Rs 74.33 crore. Meanwhile, Chalet Hotels recorded revenue of Rs 457.8 crore and a net profit of Rs 96.5 crore in the December quarter.