Chalet Hotels Ltd. (CHL), a part of K Raheja Corp, said it had signed definitive agreements for acquisition of The Dukes Retreat, an 80-room resort on 7.5 acres land in Lonavala, for an enterprise value of ₹133 crore (to be adjusted for cash on books).
Upon completion of the transaction, Chalet said it would finalise its plans of expansion and upgradation of the property to reposition it as an upper-upscale green, lifestyle resort.
The property has been a top destination for individual leisure travellers, weddings, and corporate events.
Sanjay Sethi, MD & CEO, Chalet Hotels Ltd. said, “The Dukes Retreat is a unique resort with stunning views and a strong emotional connect with large number of families from Mumbai and Pune.”
“Chalet Hotels Ltd. is positioned in a sweet spot with several of its capex projects approaching commercial opening in the next few months. The Dukes Retreat is the new addition,” he added.
