Chalet Hotels at new high

Chalet Hotels is showing some extraordinary activity today morning. With volumes going up over 19.5 times, the stock hit a new 52-week high at Rs.395; it is currently traded at Rs.366 levels, more towards the lower point of the day.

The company, announced yesterday after market hours that it has entered into agreements with Marriott Hotels India and its affiliates under which the Company would build hotels & extend contracts as detailed below:

• The Westin Hyderabad Hitec City', an upcoming ~170 keys property, expected to be commissioned in 2020
• The Westin Hyderabad Mindspace' (427 keys) - a new contract in respect of the existing hotel continuing with the existing brand
• W Mumbai Powai Lake', an upcoming ~150 keys property at Powai Mumbai, expected to be ready in 2023
• The Westin Mumbai Powai Lake' (600 keys) a new contract with 'brand conversion' for Renaissance Mumbai Convention Centre and Hotel
• Lakeside Chalet, Mumbai - Marriott Executive Apartments' (173 keys) a new contract continuing with the existing brand.