Chalet Hotels

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 Chalet Hotels Limited (CHL or the company- https://www.chalethotels.com/), part of the K. Raheja Corp, is an owner, developer and asset manager of high-end hotels in key metro cities in India. The Company has two main business segments: (a) hospitality business; and (b) commercial and retail. The Company’s hotel platform comprises seven operating hotels (including a hotel with a co-located serviced residence), located in the key Indian cities of Mumbai, Hyderabad, Bengaluru and Pune representing 2,554 keys. All the hotels are branded with globally recognized brands, such as JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance, Four Points by Sheraton and Novotel, which are held by Marriott Group and the Accor Group. All its hotels except Novotel, Pune (which is managed by Accor) are run under management contracts/franchisee with Marriott International and its affiliates. The 7 hotel properties and a serviced residence which are managed by third parties are JW Marriott Hotel, Mumbai Sahar, Bengaluru Marriott Hotel Whitefield, The Westin Hyderabad Mindspace, Novotel Pune Nagar Road, Renaissance Mumbai Convention (RHI) Centre Hotel and Marriott Executive Apartments. Though primarily a hospitality company, CHL has 2 existing commercial properties (and 2 under construction) and 2 retail properties (1 retail asset proposed to be converted to Commercial asset). The proposed IFC investment is up to INR 3750 Million (approximately US$51 million equivalent) to fund the following projects (the project): Renovation and upgrading of 300 rooms at RHI, Mumbai;Completion of Commercial asset at Marriott Complex in Whitefield, Bangalore; Conversion of Retail space to commercial space at JW Marriott Sahar complex in Mumbai; andGeneral maintenance capex for existing hospitality assets.Part of this investment (completion of the commercial asset in Whitefield, Bangalore), around ~US$25 million will be considered a green loan.