Chalet Hotels in limelight
Chalet Hotels is in the limelight today morning and the reason – refinancing of existing debt.
The company stated that it has been sanctioned a loan of Rs200 crore from lending institution for refinancing of existing debt availed for J W Marriott Mumbai Sahar Hotel and towards General Corporate Purposes including Working Capital requirements.
This loan is for 10 years including moratorium period of 2 years for principal repayment. The lender holds the option of converting the loan into Equity in the event of default by the borrower.
Backed by real estate development firm K Raheja Corp, this hotel asset owning company, in its portfolio holds the JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace and Bengaluru Marriott Hotel Whitefield.
Apart from hotels, the company has 1.4 mn sq. ft. of commercial building space under development in land parcels around its existing hotels in Powai and Bengaluru.
The company had ended Q4FY22 with a consolidated net loss of Rs.11 crore and loss of FY22 stood at Rs.135 crore, up from Rs.75 crore in FY21.
Its interest outgo for the quarter was at Rs.35 crore, which was 23% of the total income.
The stock price is in the green, rising over 3.5% to Rs.310 while its 52-week high is at Rs.332.15, hit on 6th April’22.