- Chalet Hotels aims to grow its portfolio to 5,500 keys by FY30 with a hybrid model
- Current portfolio includes 3,389 keys plus a pipeline of nearly 2,300 keys under development
- Athiva brand is central to growth, expanding pipeline from 900 to 1,200-1,300 keys
Chalet Hotels Ltd is aiming to scale its hotel portfolio to around 5,500 keys by FY30, while shifting away from its traditional asset-heavy approach towards a hybrid model spanning owned, franchised, third-party operated and Athiva-branded properties.
The company currently operates around 3,389 hotel keys and has a pipeline of nearly 2,300 additional keys, which will take its overall portfolio to approximately 5,500 keys.
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"We have graduated from a pure asset-ownership model to having all three models in play," Chalet Hotels Managing Director and CEO Shwetank Singh told PTI in an interview.
The company will continue to develop properties operated by third-party hotel chains, such as Ritz-Carlton, alongside franchise arrangements with brands such as Taj and hotels under its own Athiva brand.
Athiva, launched by Chalet in 2025, is emerging as a key component of the company's expansion strategy.
Its initial pipeline of around 900 keys has now grown to approximately 1,200-1,300 keys following recently announced projects in Pune and Hyderabad.
Singh said Chalet currently has no plans to introduce another hotel brand, with the company instead concentrating on building Athiva. "We are not conceptualising any other brands. Our focus right now is entirely on Athiva," he said.
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Among the key projects in the pipeline is a 380-room Taj hotel at Delhi Airport, with around 70 rooms expected to open by the end of the current financial year.
Other major projects, including Ritz-Carlton Hyderabad, Hyatt Regency Airoli and a hotel in Udaipur, are expected to become operational in FY29. The recently announced Pune Yerawada project is targeted for FY31.
Beyond hospitality, Chalet has built a sizable commercial real estate portfolio. The company currently operates around 2.4 million square feet of commercial space, while another 900,000 sq ft is under construction. Its overall commercial portfolio is expected to reach around 3.2-3.3 million sq ft.
However, Singh said hospitality would remain at the centre of Chalet's strategy despite the expansion in commercial real estate."We are fundamentally a hospitality-first company, and that is where we intend to remain focused," he said.
Chalet is also evaluating additional greenfield and brownfield opportunities, although it has not set a separate target beyond its existing announced pipeline.
Singh said the company continues to assess multiple opportunities but will remain focused on executing projects already announced.
On funding, Chalet expects to execute its existing expansion plans without a significant increase in leverage.
The company believes its balance sheet is sufficiently strong to support the announced pipeline. "We are well funded on the balance sheet and believe we can execute our expansion plans without substantially increasing our debt," Singh said.
(With PTI inputs)
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