Chalet Hotels Share Price

Chalet Hotels

CMP as on 07-Dec-22 15:29

₹ 365.85
6.10 1.7%


₹ 359.75

Turnover (lac)

₹ 344

Prev. Close

₹ 359.75

Day's Vol (shares)

₹ 94,054

Day's Range (₹)

₹ 358.15
₹ 369.50

CMP as on07-Dec-22 15:28

₹ 369.00
9.45 2.63%


₹ 360.65

Turnover (lac)

₹ 181

Prev. Close

₹ 359.55

Day's Vol (shares)

₹ 2,500

Day's Range

₹ 360.45
₹ 369.45

Chalet Hotels Limited was incorporated as a private limited company with the name Kenwood Hotels Private Limited on January 6, 1986. On July 19, 1997, the Company was converted into a public company and consequently the name was changed to Kenwood Hotels Limited. Pursuant to a resolution of the shareholders dated March 2, 1998 and a fresh certificate of incorporation issued by the RoC on April 6, 1998, the name of the Company was changed to K. Raheja Resorts & Hotels Limited. Further, pursuant to a resolution of the shareholders dated April 24, 1999 and a fresh certificate of incorporation issued by the RoC on May 4, 1999, the name of the Company was changed to Chalet Hotels Limited. On the conversion of the Company to a private limited company pursuant to a resolution passed by the shareholders dated August 25, 2011 and a fresh certificate of incorporation issued by the RoC on October 15, 2011, the name was changed to Chalet Hotels Private Limited. Subsequently, pursuant to a resolution passed by the shareholders on June 4, 2018 and a fresh certificate of incorporation issued by the RoC on June 6, 2018 the Company was converted to a public limited company and the name was changed to Chalet Hotels Limited.The Company is engaged in business of hospitality (hotels), commercial and retail operations and real estate development. At March 31, 2022, the Company has five hotels (and one service apartment building) operating at Powai and Sahar (Mumbai), Vashi (Navi Mumbai), Bengaluru and Hyderabad, commercial property at Bengaluru and Sahar, Mumbai and is engaged in construction and development of a residential property at Bengaluru.The Company seeks to brand its hotels with leading global hospitality brands. This allows them to save on the time and cost required to build, develop and maintain its own hotel brand. The Companys hotels are currently branded with global brands such as JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance and Four Points by Sheraton which are held by Marriott Hotels India Private Limited and its affiliates (collectively Marriott). The Company also determines, by detailed financial and operational analysis, whether hotel operations should be undertaken directly by the company or by engaging third party hotel operators. Currently, its hotels in Vashi, Navi Mumbai, is operated by them under a license agreement with Marriott, and four of their hotels, including its serviced residence, are operated pursuant to hotel operation and related agreements with Marriott. The Company follows an active asset management model for their hotels operated by third parties, pursuant to which the company closely monitors, and exercise regular oversight over, the performance of their hotel properties. The Company is part of K. Raheja Corp group, which is a leading business group in India. The companies forming part of the K. Raheja Corp group (K. Raheja Companies) have extensive experience in developing large-scale real estate, hospitality and commercial projects resulting in a strong understanding of industry and market trends. The Promoters include Mr. Ravi C. Raheja and Mr. Neel C. Raheja, who have been instrumental in the growth of business and actively advise the company on finance, corporate strategy and planning as well as its hotel and retail businesses. The Company has a strong management team with significant industry experience.Chalet Hotels Limited came out with an Initial Public Offering (IPO) of 58,613,571 equity shares of Face Value of Rs 10 each of the company for cash at a price of Rs 280 per equity share (including a share premium of Rs 270 per equity share) aggregating to Rs1614.18 Crores. The offer comprises of a fresh issue of 33,928,571 equity shares aggregating Rs 950 crores by the company (fresh issue) and an offer for sale of 24,685,000 equity shares aggregating to Rs 691.18, comprising an offer for sale of 5,550,000 equity shares aggregating to Rs 155.40 crores by Ravi C Raheja, 5,550,000 equity shares aggregating to Rs 155.40 by Neil C Raheja, 10,784,176 equity shares aggregating to Rs 301.96 crores by K Raheja Corp Pvt. Ltd., 800,000 equity shares aggregating to Rs 22.40 crores by Palm Shelter Estate Development LLP., and 2,000,824 equity shares aggregating to Rs 56.02 crores by Ivory Properties and Hotels Pvt., Ltd, (the selling shareholders). The IPO was priced at Rs 280 per equity share.During the year 2019, the subsidiary company, Chalet Hotels & Properties (Kerala) Pvt. Ltd. had issued 27,777,770 Equity Shares of Rs. 10 each at par on rights basis to the existing shareholders of the Company. The Company subscribed to 25,000,000 Equity Shares. The amount raised by the subsidiary has been utilised towards reduction of debt.During the year 2020, Company signed an agreement with the Hyatt Group for its hotel, Hyatt Regency, Navi Mumbai, Airoli. It signed agreements with Marriott Hotels India Private Limited (Marriott) and its affiliates in respect of its upcoming hotels viz. The Westin HyderabadHitec City and W Mumbai Powai Lake. It also executed new contracts with Marriott in respect of existing properties The Westin HyderabadMindspace and Lakeside Chalet, Mumbai - Marriott Executive Apartments retaining the existing brands.During the year 2020, the residential project at Koramangala in Bengaluru was stuck in litigation over cancellation of the NOC over height, issued earlier by Hindustan Aeronautics Limited (HAL). The project was under development with several towers under progress, at various stages of completion. The Company worked out a revised development plan and executed settlement terms with HAL. In the writ petition filed by Company, in connection with cancellation by Hindustan Aeronautical Limited (HAL) of its height permission for project of Company, judgement was delivered by the Honble Karnataka High Court on May 29, 2020. The Honble High Court by the judgement inter-alia allowed the writ petition in part and quashed the cancellation of the height NOC by HAL as cancellation of NOC for construction upto 62 meters above ground level, so that the top of the structure when erected shall not exceed 932 meters Above Mean Sea Level (AMSL).The Company had three subsidiaries and two associates as on March 31, 2021.In FY21, Company had entered into an agreement with Marriott Hotels India Private Limited and its affiliates (Marriott) for rebranding of the existing hotel viz. Renaissance Mumbai Convention Centre Hotel, Powai, as Westin Mumbai Powai Lake. In FY21, the Company had for securing the supply of renewable energy acquired 20.8% of the Equity Share Capital of Krishna Valley Power Private Limited and 26% of the Equity Share Capital of Sahyadri Renewable Energy Private Limited, being entities engaged in generation of hydropower.During year 2022, Company initiated re-purposing of its retail properties as office buildings. The commercial projects in Mumbai and Bengaluru and the residential project at Bengaluru were recommenced. On completion of first phase of renovation, the iconic The Renaissance Mumbai Convention Center Hotel at Powai Lake was rebranded as The Westin Mumbai Powai Lake on March 1, 2022. It completed the 1st phase of renovation and rebranding of Powai hotel and started the expansion of room inventory at Novotel in Pune. It signed a revised development plan with Hindustan Aeronautics Limited (HAL). During the year 2022, the Company signed terms for an amicable settlement of all disputes with an undertaking to demolish already constructed structures above 932 meters Above Mean Sea-Level and this marks the closure of the long-standing litigation on this project. The Company had filed a Scheme of Arrangement and Amalgamation of Belaire Hotels Private Limited and Seapearl Hotels Private Limited with the Company, which inter-alia aims at synergy in operations, greater financial strength and improvement in the position of the merged entity. The Appointed Date for the Scheme is April 1, 2020.. Pursuant to Order dated February 05, 2021 passed by the Honble National Company Law Tribunal, Mumbai Bench (NCLT), meetings of the Equity Shareholders and Preference Shareholders of the Company were held on April 12, 2021, wherein they accorded their approval to the said Scheme.

  • Chairman & Non Executive Dir.

    Hetal Gandhi
  • Non-Exec & Non-Independent Dir

    Ravi C Raheja
  • Non-Exec & Non-Independent Dir

    Neel C Raheja
  • Managing Director & CEO

  • Non-Exec. & Independent Dir.

  • Non-Exec. & Independent Dir.

    Conrad D Souza
  • Non-Exec. & Independent Dir.

    Radhika Piramal
  • Company Sec. & Compli. Officer

    Christabelle Baptista

Registered Office

Raheja Tower P No C-30 Block G,
Bandra Kurla Complex Bandra(E),Mumbai,


Karvy Selenium Tow-B,