Shares of Chalet Hotels surged 11.2 per cent to hit an all time-high of Rs 395 during the early morning deals on the BSE on Tuesday after the company announced signing of five new agreements with Marriott International across Hyderabad and Mumbai.
" Under the agreement, Chalet would build hotels & extend contracts across brands such as W, Westin & Marriott Executive Apartment in Hyderabad and Mumbai," the company said in a statement.
As per the agreement, Chalet will develop The Westin Hyderabad Hitec City, an upcoming property expected to be commissioned in 2020; The Westin Hyderabad Mindspace, a new contract continuing with the existing brand; W Mumbai Powai Lake, an upcoming property in Powai Mumbai which is expected to be ready in 2023; The Westin Mumbai Powai Lake, a new contract with ‘brand conversion’ for Renaissance Mumbai Convention Centre and Hotel; and Lakeside Chalet, Mumbai – Marriott Executive Apartments, a new contract continuing with the existing brand.
"This, one of the largest ever deals signed in the Luxury and Upper‐upscale hotel tier in India, leverages historical synergies between Chalet and Marriott International. The 1500+ keys come at a time when the demand and supply arbitrage is favorable for the industry, providing exciting growth opportunities for both companies," the company said.
At 9:39 AM, the stock was trading 6.5 per cent higher at Rs 378.25 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was at 41,459.46 level, down 98 points or 0.28 per cent. The stock, which debuted at the bourses on February 7 this year, has gained 22 per cent till December 30.
Last week, Chalet Hotels had entered into a Franchise Agreement and other related agreements with Hyatt India Consultancy and its affiliates for the brand 'Hyatt Regency' in respect of its upcoming hotel at Airoli in Mumbai. The company’s upcoming nearly 260 keys hotel at Airoli, Navi Mumbai (Mumbai Metropolitan Region) will be the first Hyatt Regency branded hotel for Chalet.
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