Chalet Hotels Limited (Chalet) has concluded the transaction with Belaire Hotels Pvt. Ltd. (BHPL), owner of ‘Novotel Pune Nagar Road’ Hotel (Novotel Pune) and its affiliate entity Seapearl Hotels Private Limited (SHPL) for a net consideration of Rs. 177 Crores.
The above acquisition includes 100% equity shares and 100% of zero coupon fully & compulsorily convertible debentures of BHPL and 100% of the equity shares of Seapearl Hotels Private Limited (“SHPL”) and 100% of zero coupon fully and compulsorily convertible debentures for a complete cash consideration.
Novotel Pune is a 223‐room upscale Hotel located in the affluent neighbourhood of Viman Nagar with proximity to the airport and easy access to prime business centres in the region. The Hotel currently caters predominantly to business traveller demand and has a latent capacity to increase the inventory by approximately 40%. The Hotel houses two restaurants, a bar and banqueting space and is operated by AAPC India Hotel Management Private Limited (part of Accor Group) under a management agreement.
Sharing his views on the acquisition, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “We are proud to add Novotel Pune to Chalet’s asset base. With the strengths of Accor group as an operating partner and our asset management capabilities, this hotel would soon be an invaluable part of our portfolio.”
Sharing his views on the acquisition Jean‐Michel Casse, COO, Accor India & South Asia said, “Our disinvestment in Novotel Pune Nagar Road is part of our strategic focus on being asset‐light and working with our owner partners via a managed model. We look forward to welcoming Chalet Hotels Limited to the Accor family as our strategic partners and with their extensive experience as hotel owners, to working collaboratively in driving management and operational excellence at the hotel.”
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