Chalet Hotels (K Raheja Corp Group) Acquires Inder Residency Resort & Spa in Udaipur for ₹171 Crore, Marks Entry into Rajasthan Leisure Market
Chalet Hotels Enters Rajasthan with ₹171 Crore Udaipur Acquisition
Chalet Hotels Limited, part of K Raheja Corp, approved the acquisition of Seasons Hotels Private Limited — owner of Inder Residency Resort & Spa in Udaipur — for ₹171 crore on April 24, 2026. The acquisition will be executed through 100% equity purchase in tranches, with completion targeted by May 15, 2026.
The Property
Inder Residency Resort & Spa spans 8.2 acres and features 144 rooms, with expansive lawns and banqueting facilities suited for weddings, social events, and corporate gatherings. The property includes approximately 3 acres of lawn area, large banqueting facilities, two restaurants and a bar.
The property's location near City Palace and Lake Pichola positions it strategically within Udaipur's prime tourism zone. Inder Residency stands as a recognized royal wedding location in Udaipur, known for its regal appeal and grandeur.
Strategic Repositioning, Not Operations as-is
This is a buy-renovate-reposition play, not a buy-and-operate transaction. Chalet has stated explicitly that the property will be upgraded to an upper upscale or premium lifestyle destination and will remain non-operative during the refurbishment period. The company is also evaluating the possibility of expanding the property and adding rooms beyond the current 144, which, given the 8.2-acre footprint, leaves meaningful scope for development.
Market Entry and Strategic Rationale
This marks Chalet Hotels' entry into Rajasthan, shifting from a business-hotel-heavy portfolio to leisure destinations, especially Udaipur which is a major tourism and wedding destination. Udaipur is consistently rated among India's most visited domestic tourism destinations, particularly for premium leisure and wedding travel, fitting the high-growth leisure market profile that Chalet has identified as a strategic expansion vector.
The acquisition marks a strategic expansion for Chalet Hotels into one of India's most prominent leisure and wedding destinations, reinforcing its focus on high-growth hospitality markets.
Chalet Hotels' Current Portfolio
Chalet Hotels' portfolio comprises 11 fully operational hotels representing 3,389 keys, across mainstream and luxury segments, and commercial spaces, representing approximately 2.4 million sq.ft. Chalet is present in key metro cities including Mumbai Metropolitan Region, National Capital Region, Hyderabad, Bengaluru, Pune and Rishikesh, and also has a resort in Khandala, Maharashtra. The company collaborates with leading operators including Accor, Marriott, Hyatt, and Taj, and manages properties including JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace, and Bengaluru Marriott Hotel Whitefield, among others.
K Raheja Corp's Broader Footprint
K Raheja Corp is a leading Indian real estate conglomerate with expertise across office spaces, residential, hospitality, malls, and retail. Founded in 1956 by Chandru Raheja, K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. The group is the second largest commercial developer in India and operates Mindspace Office Parks, which is a real estate investment trust.
K Raheja Corp's residential business spans multiple projects in Mumbai, Pune and Hyderabad, with luxurious residential projects like Artesia and Vivarea in Mumbai, and other luxury projects across these cities.
Leadership Comment
Shwetank Singh, Managing Director and CEO of Chalet Hotels Limited, said: "We are delighted to announce our entry into Rajasthan with the acquisition of this resort in Udaipur, a market we have been keen to enter. This investment reflects our continued focus on expanding in high-growth leisure destinations with strong long-term potential. The property is well-located and offers significant headroom for value creation through refurbishment, repositioning, and expansion. As we enhance and reposition the resort, our focus will be on creating a high-quality, experience-led destination that delivers both strong guest appeal and long-term value."