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India’s Chalet Hotels Scouting for Covid-Hit Distressed Assets

  • Looking for assets in Goa, New Delhi, cities not currently in
  • Should be out of the woods in the next few quarters: Sethi
 Chalet Hotels has properties across India including Mumbai.

 Chalet Hotels has properties across India including Mumbai.

Photographer: Punit Paranjpe/AFP/Getty Images

Mumbai-based Chalet Hotels Ltd., which owns, develops and manages high-end hotels in larger Indian cities, is scouting for distressed hospitality assets as the declining rate of Covid-19 infections enables some parts of the country to ease movement curbs.

“We certainly want to expand into the leisure side of the business. We don’t have a leisure asset,” Sanjay Sethi, Chalet Hotels’s chief executive officer said in a Bloomberg Television interview Tuesday. “Goa could potentially be a target market for us. Maybe something in Delhi and a couple of cities where we’re not present in right now.”