Chalet Hotels Limited (CHL) has received board approval to acquire Mahananda Spa and Resorts Private Limited, the owning company of The Westin Resort & Spa, Himalayas in Rishikesh. This luxury resort, nestled in the foothills of the Himalayas, boasts 141 elegantly designed rooms and world-class wellness amenities. The acquisition marks CHL’s strategic expansion into India’s high-growth leisure, spiritual, and wellness tourism market, unlocking opportunities for premium experiences and long-term value creation.
CHL is in the process of finalizing a definitive agreement with Mankind Pharma Limited to acquire 100% stake in Mahananda Spa and Resorts Private Limited at an enterprise value of INR 5.3 billion. The formalities are expected to conclude soon.
Opened in January 2023, The Westin Resort & Spa, Himalayas has already established itself as a sought-after wellness destination. As of YTD December 2024, the property reported an average daily rate (ADR) of over INR26,000 and a 45% occupancy rate, highlighting its growing appeal in the luxury hospitality segment.
Strategically located near Rishikesh, a global hub for spirituality and yoga, the resort offers over 10,000 sq. ft. of event space, premium dining options, and wellness facilities like the Heavenly Spa by Westin and the WestinWorkout Fitness Studio. The resort’s Grand Ballroom, among the largest in the region, along with its outdoor lawns, makes it an ideal venue for weddings and events. Situated just 45 minutes from Jolly Grant Airport, Dehradun, the property also provides ample recreational opportunities for guests.
Key Performance Highlights:
| Metric | FY24 (Audited) | YTD Dec FY25 (Unaudited) |
|---|---|---|
| ADR (₹) | ~24,000 | ~26,000 |
| Occupancy (%) | 40% | 45% |
| Revenue (₹ Mn) | 743 | 716 |
| EBITDA (₹ Mn) | 213 | 266 |
Speaking on the acquisition, Dr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “This proposed acquisition is a significant milestone in Chalet Hotels’ strategy to expand in India’s high-growth luxury and leisure segment. The Westin Resort & Spa, Himalayas, perfectly aligns with our vision of offering world-class hospitality experiences. With its breathtaking location and exceptional amenities, this property will enhance our leisure portfolio and cater to the evolving preferences of modern travelers. We look forward to elevating the guest experience and driving sustainable growth with this new addition.”
