Published On:October 21 2019
Story Viewed 654 Times

Chalet Hotels may buy out Accor's Novotel in Pune for Rs 290 crore

Chalet Hotels, the Indian owner of Marriott-operated hotels, is all set to buy out Accor Hotel's Novotel Hotels in Pune, according to people aware of the deal. Valued at an estimated Rs 290 crore, the buyout is part of K Raheja Group firm’s inorganic growth strategy as it seeks to expand presence beyond Mumbai, Bengaluru, and Hyderabad. Chalet is likely to make an announcement in the coming weeks.

Chalet Hotels spokesperson declined to comment. An Accor spokesperson said: “The news is absolutely speculative in nature and as a matter of company policy, we do not have any comment to offer at this point in time.”

A person aware of the transaction said: “The Chalet and Novotel deal is on the verge of closure.” The 250-room property in Pune’s Viman Nagar is not functioning at its optimal efficiency. Chalet plans to add more rooms and turn it around.

If the deal goes through, this will be the first acquisition by the Mumbai-based firm and mark a departure from the existing strategy of expanding through greenfield projects. Chalet is the asset manager for properties, including JW Marriott, Sahar, Mumbai; Marriott Hotel, Whitefield, Bengaluru, The West in Hyderabad Mindspace; Four Points by Sheraton, Vashi in Navi Mumbai, and Renaissance.

An analyst said given the up-cycle witnessing the hospitality sector, the deal pipeline in the sector would be a busy one in the coming months.


OUR OTHER PRODUCTS & SERVICES: Projects Database | Tenders Database | About Us | Contact Us | Terms of Use | Advertise with Us | Privacy Policy | Disclaimer | Feedback

This site is best viewed with a resolution of 1024x768 (or higher) and supports Microsoft Internet Explorer 4.0 (or higher)
Copyright © 2016-2020

Technology Partner  aaRKayeN Solutions