M&A

M&A

Chalet Hotels acquires Westin Spa in Uttarakhand from Mankind arm for Rs.530-Cr

Mint   141-room luxury property  

K Raheja Corp-owned Chalet Hotels Ltd has bought the 141-room luxury property (The Westin Resort & Spa), in the foothills of Uttarakhand from Mahananda Spa and Resorts, a subsidiary of Mankind Pharma Ltd, for INR 530 crore.The Westin Resort & Spa in Rishikesh started operations in January 2023 and total capital employed stood at INR 407 crore, with a net worth of INR 401 crore, as of December.For the nine months ended December, it reported revenues of INR 71.86 crore and earnings before interest, taxes, depreciation, and amortization of INR 26.86 crore.