Chalet Hotels is targeting a portfolio of around 5,500 hotel keys by FY30 as it expands beyond its traditional asset-ownership model through third-party operations, franchises and its own Athiva brand, managing director and chief executive officer Shwetank Singh said in a PTI interview published on September 6.
The company currently has approximately 3,389 operational keys and an announced pipeline of close to 2,300 keys. The combined portfolio is expected to take Chalet Hotels to around 5,500 keys by FY30, according to Singh.
The expansion will use three operating models. Chalet will continue to own assets operated by third parties, such as The Ritz-Carlton, develop franchise properties including Taj hotels, and add hotels under its Athiva brand. Singh said the company had moved from a purely asset-ownership model to a structure that includes all three approaches.
Athiva, launched by Chalet in 2025, accounts for approximately 1,200-1,300 keys in the company’s pipeline. Its initial pipeline was around 900 keys, while recently announced projects in Pune and Hyderabad added approximately 380 keys. Singh said Chalet was not planning to introduce another hotel brand and would remain focused on developing Athiva.
The company’s announced projects include a 380-room Taj hotel at Delhi Airport. Approximately 70 rooms from the project are expected to open by the end of the current financial year. Ritz-Carlton Hyderabad, Hyatt Regency Airoli and a hotel in Udaipur are expected to come online in FY29. The recently announced Pune Yerawada project is targeted for FY31.
Alongside its hospitality portfolio, Chalet Hotels operates approximately 2.4 million square feet of commercial space and has another 900,000 square feet under construction. Its total commercial real estate portfolio is expected to reach around 3.2-3.3 million square feet. Singh said hospitality would remain the company’s main business despite the expansion in commercial real estate.
The company is also evaluating additional greenfield and brownfield opportunities beyond its announced pipeline, although it has not set a separate expansion target for these projects. Singh said Chalet had multiple discussions underway but would continue to focus on its announced pipeline for now.
On funding, Singh said the company was well positioned to execute its announced projects without substantially increasing debt. “We are well funded on the balance sheet and believe we can execute our expansion plans without substantially increasing our debt,” he said. The company’s next milestones include the phased opening of the Delhi Airport Taj hotel and the delivery of projects scheduled for FY29 and FY31.
