Mumbai, February 2025: Chalet Hotels Limited (CHL) has received the approval of the board of directors for the acquisition of Mahananda Spa and Resorts Private Limited, owning company of The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh, a stunning 141-room luxury resort, nestled in the Himalayas. 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.

CHL is in the process of entering into a definitive agreement with Mankind Pharma Limited, for 100% stake of Mahananda Spa and Resorts Private Limited, the owning company of the property at an enterprise value of Rs. 5.3 Billion. CHL will be concluding the formalities shortly.

The Westin Resort C Spa, Himalayas, known for its wellness-focused experiences, opened its doors in January of 2023. For its second year of operations the property reported an ADR of over Rs. 26,000 as of YTD Dec 24 with an occupancy of 45%.

Strategically located in the foothills of the Himalayas, near the spiritual and yoga hub of Rishikesh, the resort features 141 elegantly designed rooms, over 10,000 sq.ft. of event space, world-class dining options, and premium wellness amenities, including the Heavenly® Spa by Westin and the WestinWorkout® Fitness Studio. The pillarless Grand Ballroom is one of the largest conference halls in the region. The outdoor lawns of the resort provide idyllic settings for weddings. The resort is 45 minutes from Jolly Grant Airport Dehradun and offers plenty of recreation opportunities.

Key highlights of performance

Speaking on the acquisition, Dr. Sanjay Sethi, MD G CEO, Chalet Hotels Limited, said: "This proposed acquisition will be a key milestone in Chalet Hotels’ strategy to expand 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. With its breathtaking location and exceptional amenities, this property will strengthen our leisure portfolio and allows us to cater to the evolving preferences of modern travellers. We look forward to elevating the guest experience and further driving sustainable growth with this new addition."

About Chalet Hotels Limited:

Chalet Hotels Limited (CHL), part of K Raheja Corp, is an owner, developer, asset manager and operator of high-end hotels and resorts in India, comprising of 10 operating hotels C resorts with 3,052 keys across globally recognized hospitality brands including JW Marriott, The Westin and Novotel, to name a few. Additionally, the company has ~1,000 rooms under development. Chalet is augmenting its commercial real estate portfolio from the current size 2.4 million square feet to 3.3 million square feet.

Chalet Hotels’ enhanced sustainability performance is reflected in the latest Dow Jones Sustainability Index with an overall score of 57 (CSA Score Date: 16/02/2024). It is also the first hospitality company across the globe to join the three key Climate Group initiatives - RE100, EP100 and EV100.