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K Raheja’s hotel arm Chalet Hotels plans to raise INR 2,000 crore from IPO

Tuesday, June 12, 2018, 10:32 Hrs  [IST]
HBI Staff | Mumbai

The Economic Times reported that K Raheja Corp’s hospitality company, Chalet Hotels, that owns several hotel properties including Marriott and Renaissance, is looking to enter the primary market soon to raise about INR 2,000 crore, according to bankers. 

The offer document of Chalet Hotels is expected to be filed this month and the company is proposing to open the public issue in October, said bankers. 

The company intends to invest INR 3,000 cr over the next 4-5 years to expand rooms in existing hotels and spread to new geographies. The IPO is one of the ways to finance the expansion plans and reduce debt which was INR 2,500 cr as on March 31, 2017, bankers said. 

Chalet Hotels predominantly holds hospitality assets, along with retail, commercial and two residential assets in Mumbai, Hyderabad and Bengaluru. The K Raheja Corp Group recently proposed to bring all the assets in a similar line of business under Chalet Hotels for better efficiency and leaner structure. 

Chalet Hotels has long-term management contracts with established global brands such as Sheraton (Starwood Hotels and Resorts), Westin and JW Marriott (Marriott Hotels India Private Limited) for its hotel properties. 

Following a recent merger, Chalet Hotels owns five operational properties such as Renaissance Mumbai Hotel and Convention Centre, Four Points by Sheraton, Westin Hotel, Hyderabad, J W Marriot, Mumbai; and Bengaluru Marriott Hotel Whitefield. 

(Source: The Economic Times)

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