Chalet Hotels Ltd announced its plan to acquire Mahananda Spa and Resorts Pvt Ltd, the owner of The Westin Resort & Spa, Himalayas (TWRS) in Rishikesh, for an enterprise value of ₹530 crore.
In a statement, Chalet Hotels Ltd (CHL) confirmed that its board of directors has approved the acquisition.
The Westin Resort & Spa, Himalayas, is a premium luxury resort in Rishikesh. It has 141 rooms.
“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,” the company said.
Chalet Hotels Ltd (CHL) stated that it is in the process of finalizing a definitive agreement with Mankind Pharma Ltd to acquire a 100% stake in Mahananda Spa and Resorts Pvt Ltd, the owning company of the property, at an enterprise value of ₹530 crore.
“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,” CHL MD & CEO Sanjay Sethi said.
This acquisition aligns with CHL’s strategy to expand its luxury hospitality portfolio and strengthen its presence in key leisure destinations.
