- Chalet targets around 5,500 hotel keys by FY30.
- Focus is on third-party, franchise and own-brand hotels.
- Hospitality remains its mainstay.
CHALET HOTELS LTD. is targeting around 5,500 hotel keys by fiscal 2030 as it expands beyond asset ownership. It is adopting a mix of third-party operated, franchise and own-brand hotels.
The company has about 3,389 operational keys and nearly 2,300 keys in its announced pipeline, according to PTI. Athiva, Chalet’s own hotel brand launched in 2025, accounts for about 1,200 to 1,300 of those pipeline keys.
"So, the way we look at our business is that we have graduated from a pure asset-ownership model to having all three models in play," Shwetank Singh, Chalet's managing director and CEO, told PTI. "We will continue to have properties such as the Ritz-Carlton that are operated by third parties, franchise properties like Taj, and properties under our own Athiva brand."
The pipeline includes a 380-room Taj hotel at Delhi Airport, with about 70 rooms expected to open by the end of this financial year. Ritz-Carlton Hyderabad, Hyatt Regency Airoli and a Udaipur hotel are expected to open in fiscal 2029.
The Pune Yerawada project is targeted for fiscal 2031. Chalet is also evaluating greenfield and brownfield opportunities but has not set an expansion target beyond its announced pipeline.
Athiva had an initial pipeline of about 900 keys. The company added about 380 keys through projects in Pune and Hyderabad, taking the brand's pipeline to 1,200-1,300 keys.
Singh said Chalet does not plan to launch another hotel brand and will focus on Athiva.
"We are not conceptualizing any other brands. Our focus right now is entirely on Athiva," he said.
Chalet has about 2.4 million square feet of commercial space in operation and another 900,000 square feet under construction. Its commercial portfolio is expected to reach 3.2 to 3.3 million square feet.
Singh said Chalet's core business remains hospitality even as it grows its commercial portfolio.
"We are fundamentally a hospitality-first company, and that is where we intend to remain focused," he said.
On funding, Singh said Chalet is well placed to finance its expansion.
"We are well funded on the balance sheet and believe we can execute our expansion plans without substantially increasing our debt," he said.
Separately, Chalet is expanding its environmental, social and governance initiative, Parivartan by Chalet. In partnership with The Job Plus and the Tourism and Hospitality Skill Council, it aims to support 5,000 sustainable livelihoods by 2030.
