Chalet Hotels Limited has acquired Seasons Hotels Private Limited — the owning entity of Inder Residency Resort and Spa in Udaipur, Rajasthan — for a total consideration of ₹171 crore, marking the K Raheja Corp-backed hospitality company’s first entry into one of India’s most sought-after leisure markets. The board approved the acquisition at its meeting on April 24, 2026, with completion targeted by May 15, 2026.
The Property — What Chalet Is Acquiring
Inder Residency Resort and Spa is a 144-room hotel spread across 8.2 acres in Udaipur, featuring approximately 3 acres of lawn area, large banqueting facilities, two restaurants and a bar. The property’s scale — particularly its expansive outdoor and banqueting infrastructure — makes it well-positioned for the wedding, MICE and leisure travel segments that drive demand in Udaipur, one of India’s most consistently popular domestic tourism and destination wedding destinations.
Seasons Hotels Private Limited was incorporated on December 27, 2001, with the hotel commencing commercial operations in October 2008. The company’s audited turnover for the last three financial years was ₹74.3 million in FY25, ₹103.5 million in FY24 and ₹97.2 million in FY23 — a revenue base that reflects a property that has been operating below its potential and presents meaningful upside through Chalet’s planned repositioning.
What Chalet Plans to Do With the Property
The acquisition is not a buy-and-operate transaction — it is a buy-renovate-reposition play. Chalet has stated explicitly that the property will be upgraded to an upper upscale or premium lifestyle destination and will remain non-operative during the refurbishment period. The company is also evaluating the possibility of expanding the property and adding rooms beyond the current 144 — which, given the 8.2-acre footprint, leaves meaningful scope for development.
The repositioning into the upper upscale segment is consistent with Chalet’s portfolio strategy. The company operates 11 hotels and resorts with 3,389 keys under globally recognised brands including JW Marriott, The Westin and Novotel. A premium lifestyle repositioning in Udaipur would align the acquired property with the upper end of that portfolio rather than adding a mid-market asset.
Chalet has also launched its own premium lifestyle brand ATHIVA — described as a new-age premium lifestyle hospitality brand with a bold, experience-first vision — which the Udaipur property could potentially be positioned under as part of the repositioning exercise.
Management Commentary
Shwetank Singh, Managing Director and CEO of Chalet Hotels Limited, said: “We are delighted to announce our entry into Rajasthan with the acquisition of this resort in Udaipur, a market we have been keen to enter. This investment reflects our continued focus on expanding in high-growth leisure destinations with strong long-term potential. The property is well-located and offers significant headroom for value creation through refurbishment, repositioning, and expansion. As we enhance and reposition the resort, our focus will be on creating a high-quality, experience-led destination that delivers both strong guest appeal and long-term value.”
Transaction Details
The acquisition covers 100% of Seasons Hotels Private Limited’s equity shares, to be acquired in tranches with completion targeted by May 15, 2026, or such date as mutually agreed. The consideration of ₹171 crore is entirely in cash — no share swap component. The transaction is not a related party transaction and the promoter or promoter group has no interest in the acquired entity. No regulatory approvals are required for completion.
Strategic Context
The Udaipur acquisition is part of Chalet’s stated strategy of diversifying its portfolio beyond its core business hotels in metropolitan markets to include leisure properties across different geographies. Udaipur — consistently rated among India’s most visited domestic tourism destinations, particularly for premium leisure and wedding travel — fits the high-growth leisure market profile that Chalet has identified as a strategic expansion vector.
Chalet currently has approximately 1,510 rooms under development in addition to its 3,389 operating keys, and is simultaneously expanding its commercial real estate portfolio from 2.4 million square feet to 3.3 million square feet. The Udaipur acquisition adds the leisure geography to a development pipeline that has been primarily focused on business hotel markets.
Disclaimer: This article is based on a company regulatory filing and press release and is for informational purposes only. It does not constitute investment advice.