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Chalet Hotels shares erase early gains; dip over 3%

Shares of Chalet Hotels on Tuesday gave up early gains and closed over 3 per cent lower on profit-booking.

Reversing the trend, the scrip closed at Rs 347.95, down 2.03 per cent on the BSE. During the day, the stock had zoomed 11.22 per cent to Rs 395.

On the NSE, the scrip went lower by 3.10 per cent to close at Rs 345.

Shares of Chalet Hotels had in early trade jumped after the company extended its collaboration with global hospitality major Marriott International Inc with five new agreements.

Under the pacts, the company would build hotels and extend contracts across brands such as ‘W’, ‘Westin’ and ‘Marriott Executive Apartment’ in Hyderabad and Mumbai, Chalet Hotels said in a BSE filing.

“We are happy to end 2019 on a high note. These agreements fortify our two-decade long relationship with Marriott,” Chalet Hotels MD and CEO Sanjay Sethi said.

Chalet Hotels Ltd (CHL) is an owner, developer and asset manager of high-end hotels in key metro cities in India

Source: Economic Times