Shares of Chalet Hotels surged over 11 percent in the early trade on Tuesday after it entered into five new agreements extending their collaboration with Marriott International for over 1,500 keys in luxury and upper‐upscale hotel segment in India. The scrip touched 52-week high of Rs 395 on the BSE.

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At 9:35 am, the stock gained 7.11 percent to Rs 380.40 against the previous close of Rs 355.15 on the BSE.

Under the agreement, Chalet would build hotels and extend contracts across brands such as W, Westin & Marriott Executive Apartment in Hyderabad and Mumbai.

The agreements were for an upcoming 170-keys Westin hotel in Hyderabad that was expected to be commissioned in 2020, a new 150-room ‘W Mumbai Powai Lake’ hotel in Powai, Mumbai, which was expected to be ready in 2023, renewal of contract for an existing Westin hotel for 15 years, brand revamp of Chalet's Renaissance hotel in Mumbai to Westin Mumbai Powai Lake, and a new contract for Chalet's Lake Side Marriott Executive Apartments for 15 years.

“The 1500+ keys come at a time when the demand and supply arbitrage is favorable for the industry, providing exciting growth opportunities for both companies,” Chalet Hotels said.

First Published:Dec 31, 2019 9:52 AM IST