Chalet Hotels has added two new hotels to its pipeline. Set to operate under its own brand, ATHIVA, these properties will add 150 keys in Hyderabad and 231 keys in Pune. The additions not only consolidate Chalet’s presence in two of India's most critical commercial hubs but also accelerate ATHIVA’s journey to becoming a prominent Pan-India premium lifestyle hospitality brand.
The projects shall be leased from SPVs of Mindspace Business Parks REIT (Mindspace REIT) under a long-term lease arrangement. The Hyderabad hotel involves the repurposing of an existing building owned by an SPV of Mindspace REIT. As regards the Pune hotel, Mindspace REIT will develop the building structure on a grey shell basis, while Chalet will undertake the balance scope including interior fit-outs.
This structure ensures Chalet's capital expenditure gets deferred to the latter part of the development cycle. Furthermore, this move aligns with Chalet’s overarching strategy of embedding hospitality assets within large-scale business parks, unlocking captive demand from a vibrant mixed-use ecosystem while mitigating site acquisition risks and expediting time-to-market.
Chalet Hotels (CHL), is an owner, developer and asset manager of high-end hotels in key metro cities in India.
