Chalet Hotels Limited completed the acquisition of Belaire Hotels Private Limited and Seapearl Hotels Private Limited from AAPC Singapore Pte. Ltd., Aapc India Hotel Management Private Limited, Seapearl Holdings Limited and Belaire Holdings Limited.
February 02, 2020
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Chalet Hotels Limited (NSEI:CHALET) signed share purchase agreement to acquire Belaire Hotels Private Limited and Seapearl Hotels Private Limited from AAPC Singapore Pte. Ltd., Aapc India Hotel Management Private Limited, Seapearl Holdings Limited and Belaire Holdings Limited for INR 1.6 billion on January 17, 2020. Under the terms of the acquisition, Chalet Hotels will acquire 100% share capital and fully compulsorily convertible debenture of Belaire Hotels Private Limited from Belaire Holdings Limited and Aapc India Hotel Management Private Limited for INR 1.1 billion and 100% share capital and fully compulsorily convertible debenture of Seapearl Hotels Private Limited from Seapearl Holdings Limited and AAPC Singapore Pte. Ltd. for INR 575 million. The consideration is subject to adjustments. Belaire Hotels generated INR 438.26 million of turnover and Seapearl Hotels generated INR 66,140 of turnover for the year ending March 31, 2019. The Board of Directors of Chalet Hotels approved the transaction. The transaction is expected to be closed in one month. Sai Krishna Bharathan and Shivani Kabra of AZB & Partners acted as legal advisors to Belaire Hotels Private Limited and Belaire. Ernst & Young Private Limited, Investment Banking Arm acted as the financial advisor for Belaire Hotels Private Limited.
Chalet Hotels Limited (NSEI:CHALET) completed the acquisition of Belaire Hotels Private Limited and Seapearl Hotels Private Limited from AAPC Singapore Pte. Ltd., Aapc India Hotel Management Private Limited, Seapearl Holdings Limited and Belaire Holdings Limited on February 3, 2020. Belaire Hotels Private Limited has become a wholly owned subsidiary of the Chalet Hotels Limited.
Chalet Hotels Limited is an India-based owner, developer, asset manager and operator of hotels and a hotel led mixed-use developer across India. Its segments include Hospitality (Hotels), Real Estate and Rental / Annuity Business. The Hospitality (Hotels) segment includes hotel operations. The Real Estate segment includes the sale of residential flats. The Companyâs portfolio comprises over 10 fully operational hotels across mainstream and luxury segments, and commercial spaces, representing 1.2 mn square foot. in close proximity to the hospitality assets. Its portfolio includes JW Marriott Mumbai Sahar; the Westin Mumbai Powai Lake, Lakeside Chalet Marriott Executive Apartments; Four Points by Sheraton Navi Mumbai; the Westin Hyderabad Mindspace; the Westin Hyderabad HITEC City; Bengaluru Marriott Hotel Whitefield; Novotel Pune Nagar Road; the Dukes Retreat, and Courtyard by Marriott Aravali Resort.
Chalet Hotels Limited completed the acquisition of Belaire Hotels Private Limited and Seapearl Hotels Private Limited from AAPC Singapore Pte. Ltd., Aapc India Hotel Management Private Limited, Seapearl Holdings Limited and Belaire Holdings Limited.
CHALET HOTELS LIMITED 
