Chalet Hotels Ltd. on Monday has entered into five new agreements with global hospitality major Marriott International Inc., extending their collaboration further.
Under the pacts, the company would build hotels and extend contracts across brands such as 'W', 'Westin' and 'Marriott Executive Apartment' in Hyderabad and Mumbai, Chalet Hotels said in a filing to the Bombay Stock Exchange.
"We are happy to end 2019 on a high note. These agreements fortify our two-decade-long relationship with Marriott," Sanjay Sethi, managing director and chief executive officer at Chalet Hotels, said in the exchange filing.
The 1500-plus keys deal comes at a time when the demand and supply arbitrage is favourable for the hospitality industry, providing exciting growth opportunities for both the companies, it added.
On Monday, Chalet Hotels shares rose 3.66 percent to Rs 363.00 apiece on the NSE while the benchmark Nifty 50 gained 0.12 percent to end the day at 12,260.60 points.
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