Chalet Hotels Signs MoUs for 381 New Rooms in Pune & Hyderabad Under 'ATHIVA®' Brand

Chalet Hotels Limited has signed two binding Memorandums of Understanding (MoUs) with Special Purpose Vehicles (SPVs) of Mindspace Business Parks REIT for long-term lease agreements to develop new hotel properties in key commercial hubs. Key Project Highlights: Pune (231 Rooms): An 'Upper Upscale' property under the proprietary ATHIVA® brand. It is a 'Grey Shell' development where Chalet will manage the interior fit-outs. Estimated capex is ₹10.8 million per key, with completion targeted by FY2030-31. Hyderabad (150 Rooms): Also an 'Upper Upscale' ATHIVA® property located in the Financial District. It is a 'Warm Shell' premise (repurposing an existing office building with structure and MEP already in place). Estimated capex is ₹13.5 million per key, with a launch timeline of FY2028-29. Strategic Rationale: Capital-Efficient Model: Leasing from Mindspace REIT allows Chalet to defer heavy capital expenditure to the later stages of the development cycle. Risk Mitigation: This asset-light approach mitigates land acquisition risks, expedites time-to-market, and embeds hospitality assets directly within large-scale business parks, ensuring built-in demand from surrounding GCCs and corporate tenants. Financial & Growth Impact: The projects will be financed through a mix of internal accruals and debt. These additions bring 381 new keys into Chalet’s development pipeline, pushing the company’s total inventory (including pipeline) closer to 5,500 keys Outlook: This strategic expansion solidifies Chalet Hotels' foothold in high-growth corporate markets (marking its 4th hotel in Hyderabad and 2nd in Pune). It also significantly accelerates the pan-India rollout of its in-house premium lifestyle brand, ATHIVA®, positioning the company for sustained, capital-efficient long-term growth.