The occupancy at its hotel properties stood at 70 per cent in Q1FY24, while its revenue per average room improved by 24 per cent year-on-year (YoY) to Rs 7,182
Chalet Hotels Limited announced its results for the first quarter of the fiscal year 2024 ending June 30, 2023. Its total income for Q1FY24 stood at Rs 3.1 billion, up 21 per cent as compared to Q1FY23, while its adjusted EBITDA was Rs 1.3 billion, up 24 per cent as compared to Q1FY23.
The company claimed that this was its best ever Q1 revenue with its average room rate at Rs 10,317, which is 38 per cent higher than Q1FY23. Its hospitality revenue was Rs 2.8 billion, 23 per cent higher than Q1FY23, while its adjusted hospitality EBITDA was Rs 1.2 billion, 26 per cent higher than Q1FY23.
The real estate owner, developer, asset manager, and operator of high-end hotels and resorts in India has several hospitality and residential projects across India, including Mumbai, Pune, Hyderabad and Bengaluru. The occupancy at its hotel properties stood at 70 per cent in Q1FY24, while its revenue per average room (RevPAR) improved by 24 per cent year-on-year (YoY) to Rs 7,182.
It claimed that its Westin Hyderabad HITEC City was completely sold out from the day it was launched in June 2023. This hotel, which is operated by an all-women team, is run entirely on green power. Moreover, around 68 per cent of the total electricity for Chalet Hotels’ portfolio was sourced from renewable resources in Q1FY24.
The company has several projects in the pipeline. Cignus Powai Tower I at Westin Complex, Powai and Cignus Whitefield Bangalore Tower II are respectively in their final stages of completion. Tenants will start moving in by August 2023 at the Cignus Whitefield Bangalore Tower I.
88 new rooms at Novotel Pune are ready and awaiting OC to commence commercial usage. Chalet Hotels is also adding around 130 guest rooms at Bengaluru Marriott Hotel Whitefield, where the designs are in final stages. Sales for its residential project, Raheja Vivarea, at Koramangala, Bengaluru is expected to commence within 2023-end.
Speaking on the financial results, Sanjay Sethi, managing director and CEO at Chalet Hotels Limited, said, “ARRs have been holding strong with 38 per cent growth year-on-year, a key business performance indicator for the Company. This quarter also witnessed the launch of our first all-women-run hotel, ‘The Westin Hyderabad HITEC City’, a small contribution towards gender equality and empowerment in the hospitality industry. India's strong economic indicators combined with a robust demand-supply environment and our ongoing capex initiatives, bode well for the future of Chalet Hotels.”
Chalet Hotels’ portfolio comprises of nine operating hotels, including a hotel with a co-located serviced residence. Eight out of nine hotels are branded with global hospitality brands and in the luxury, upper upscale and upscale segments. Two additional hotels at New Delhi and Navi Mumbai are under various stages of design and development.