Chalet Hotels inks pact to acquire Belaire Hotels for enterprise value of Rs 290 cr
The completion of the transaction is subject to fulfillment of certain conditions precedent as agreed in the SPA, Chalet Hotels said in a filing to the BSE.
The Novotel hotel is operated by AAPC India Hotel Management Pvt Ltd (part of Accor Group) under a management agreement, it addedWith this new relationship, Chalet marks the beginning of its tie-up with Accor, one of the largest global hospitality players with significant presence in India with key brands such as Fairmont, Sofitel, Novotel and ibis amongst others, Chalet Hotels said. Advertisement
Commenting on the development, Chalet Hotels MD and CEO Sanjay Sethi said, "This move is in line with our growth strategy of strengthening and expanding our portfolio to new geographies with strong demand potential."
The company believes that Pune is an attractive market and has sizeable commercial office development, resulting in strong hotel demand dynamics, he added."We look forward to working with the very capable management team of Accor to turn around this hotel through capacity enhancement and aggressive growth in market share," Sethi said. AKT MKJ
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Health Ministry launches portal for info on vaccine, clinical trials
- Elon Musk's SpaceX will launch another 60 Starlink internet satellites into Earth’s orbit tonight
- Farmers protest in India intensify — Kerala MP and Punjab CM to move the Supreme Court, three Punjab BJP leaders resign
- Best smartphones with 256GB of internal storage
- Maharashtra’s restaurants and bars are likely to reopen for dine-in services