NEW DELHI: Chalet Hotels advanced over 11 per cent in Tuesday’s trade after the hotelier entered into five new agreements with Marriott International, extending their collaboration further.
Following the development, the stock rose 11.22 per cent to hit a high of Rs 395 on BSE. With this, the recent debutant has rallied 41 over its issue price of Rs 280. The scrip got listed on the stock exchanges on February 1.
The company said it would build hotels and extend contracts across brands such as ‘W’, ‘Westin’ and ‘Marriott Executive Apartment’ in Hyderabad and Mumbai.
“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.
The 1500-plus keys come at a time when the demand and supply arbitrage is favourable for the industry, providing exciting growth opportunities for both companies, it added.
Chalet Hotels is an owner, developer and asset manager of high-end hotels in key metro cities in India.
Source: Economic Times