Chalet Hotels acquires The Dukes Retreat but leaves investors unimpressed

Chalet Hotels operates high end hotels and its stock has tripled from the all-time low of Rs 100 hit in May 2020

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Chalet Hotels on March 22 said it will acquire 100 percent stake in Sonmil Industries for Rs 74.64 crore and 82 percent shareholding in The Dukes Retreat for Rs 81.76 crore.

“Sonmil is the owner of the land which is leased to The Dukes Retreat for the resort in Khandala,” the company said in an exchange filing.

At 12 pm on March 23, the stock was quoting at Rs 365 on the NSE, higher by 0.7 percent from previous close. It touched an intraday high of Rs 372, which was 2.7 percent higher from the previous close.

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The Dukes Retreat, Khandala is an 80-room full-service resort with a capacity to add 42 rooms. Its turnover was Rs 26.2 crore in 2019-20, which fell Rs 10.19 crore in 2020-21 during the lockdown. In FY22, it jumped back to Rs 21.93 crore.

Compared to its peer Lemon Tree, Chalet Hotels is moving slowly when it comes to adding more rooms. For instance, Lemon Tree announced six new properties after its Q3FY23 results and Chalet Hotels announced only one.

Chalet Hotels operates high end hotels like Novotel, Westin and JW Marriott while Lemon Tree Hotels is one of the strongest brands in the mid-market segment.

Meanwhile, the stock has tripled from the all-time low of Rs 100 hit in May 2020. Analysts have an average target of Rs 436 on the stock, representing an upside of 20 percent from the current market price.

The sector remains in focus as demand is outpacing supply, which is unlikely to catch up for the next 2-3 years. Demand is expected to increase 10-12 percent compared with supply growing at 3-5 percent. “RevPAR or revenue per available room will shoot up further,” analysts told Moneycontrol earlier.

In Q3, the hotel chain operator clocked a consolidated profit of Rs 102.3 crore for the December quarter, against a loss of Rs 14.6 crore in the corresponding period last fiscal, and a significant increase from profit of Rs 15.7 crore reported in the previous quarter.

Consolidated revenue from operations at Rs 289.7 crore for the quarter grew by 76.5 percent over the same period last fiscal.