The ATHIVA brand, positioned in the upper luxury category, will debut its first hotel with the opening of 147-key The Dukes Retreat in Khandala, Maharashtra, on October 16, Chalet Hotels MD and CEO Sanjay Sethi told reporters.
The five other properties include a fully renovated business hotel in Navi Mumbai, The Resort at Aksa Beach, a K Raheja Corp Group Hotel and three greenfield projects under development – two in Goa and one in Thiruvananthapuram.
All six properties, with 900 keys, are expected to be operational by 2029. For this, we had a capital investment of around Rs 1,500 crore, most of which has already been spent. We raised the money through internal accrual, Sethi told PTI on the sidelines of the launch event.
He further stated that the company’s debt/EBITDA numbers are very encouraging.
So we have plenty of room to grow the portfolio through a mix of debt and equity. And at this point, we are confident that all future hotels we have in our pipeline will be financed through internal revenue, he added. He said that with an annual addition of 300 to 400 keys, Chalet Hotels expects to double ATHIVA’s operations and pipeline of 900 to 1,800 rooms in the next three years. When asked about the geographical location where the company ATHIVA is keen to expand, he said, Sethi said that we will now continue to focus on India for the expansion of ATHIVA. Within the country, we will look at Level I, deep markets of Goa, Rajasthan and Himalayas. And then Trivandrum, a few other locations, which have multiple business drivers.
Chalet Hotels Limited (CHL), part of K Raheja Corp, is an owner, developer, asset manager and operator of hotels and luxury resorts in India.
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