Chalet Hotels Limited (CHL) has received the approval of the board of directors for the acquisition of Mahananda Spa and Resorts Private Limited, owning company of The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh, a stunning 141-room luxury resort, nestled in the Himalayas. This strategic acquisition strengthens the company’s position in the high-growth leisure, spiritual and wellness tourism market, unlocking new opportunities for premium experiences and long-term value creation.
Acquisition Details
CHL is in the process of entering into a definitive agreement with Mankind Pharma Limited, for 100% stake of Mahananda Spa and Resorts Private Limited, the owning company of the property at an enterprise value of Rs. 5.3 Billion. CHL will be concluding the formalities shortly.
Operational Performance
The Westin Resort & Spa, Himalayas, known for its wellness-focused experiences, opened its doors in January of 2023. For its second year of operations, the property reported an ADR of over Rs. 26,000 as of YTD Dec 24 with an occupancy of 45%.
Prime Location and World-Class Amenities
Strategically located in the foothills of the Himalayas, near the spiritual and yoga hub of Rishikesh, the resort features 141 elegantly designed rooms, over 10,000 sq.ft. of event space, world-class dining options, and premium wellness amenities, including the Heavenly® Spa by Westin and the WestinWorkout® Fitness Studio.
The pillarless Grand Ballroom is one of the largest conference halls in the region. The outdoor lawns of the resort provide idyllic settings for weddings. The resort is 45 minutes from Jolly Grant Airport Dehradun and offers plenty of recreation opportunities.
