CHALET

** Jefferies expects "healthy" Q1FY26 growth for Indian hotel firms, undeterred by some travel softness in May due to military conflicts between New Delhi and Islamabad

** Q1 "started on a strong note in April, extending Q4 performance and June is expected to see normalcy" - note

** Adds, hotel firms to continue to benefit from industry uptrends, including demand outstripping supply

** Taj-parent Indian Hotels Co Ltd IHTL.NS, ITC Hotels ITCT.NS and Chalet CHAL.NS are brokerage's top sectoral picks

** On the day, IHTL flat, ITCT edges up 0.2%. CHAL down 1%

** All three cos outperformed or were in-line with industry in terms of Y/Y Q4 revenue growth per available room, a key operating metric

(Reporting by Hritam Mukherjee in Bengaluru)

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Rewrites throughout with details from the analyst call, share moves, background on debt, and analyst comment

By Hritam Mukherjee

April 24 (Reuters) - Singapore's sovereign wealth fund GIC will take 35% stakes in three individual units of SAMHI Hotels SAMH.NS for a total investment of 7.52 billion rupees ($88 million), as part of a joint plan to develop upscale hotels in India.

The three units - SAMHI JV Hotels, Ascent Hotels, and Inmar Tourism and Hotel - together operate four hotels in the Indian cities of Bengaluru and Pune, with two of the hotels Marriott MAR.O-branded and one more hotel still under construction, the Indian hotelier said on Thursday.

SAMHI said that out of GIC's total investment, 6.03 billion rupees will be majorly used towards scaling down SAMHI's debt - which some analysts have flagged as higher than peers.

Brokerage Prabhudas Lilladher, earlier this week, had said that over the next three years, SAMHI's net debt to core profit would still be higher than other hoteliers with debt, such as Chalet Hotels CHAL.NS and Lemon Tree Hotels LEMO.NS.

The company, whose debt as of 2024-end stood at 20.64 billion rupees, expects the deal to trim it by 5.8 billion rupees.

Once the deal closes, SAMHI JV will become debt free and Ascent will be left with a debt of roughly 2 billion rupees, SAMHI's Chief Executive Ashish Jakhanwala said in an analyst call.

The plan clears investor concerns around SAMHI's debt pile, Prabhudas Lilladher analyst Jinesh Joshi said. The company's shares were last trading 10% higher.

The $88 million deal is a part of a joint plan to create a $300 million venture aimed at developing upscale hotel assets in India - wherein GIC holds 35% share and SAMHI retains 65%.

The joint venture's focus will be to tap "acquisition and turnaround" opportunities in the urban business hotels segment, Jakhanwala added.

($1 = 85.5850 Indian rupees)

(Reporting by Hritam Mukherjee and Aleef Jahan in Bengaluru; Editing by Rashmi Aich)

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** The medium-term demand outlook for India's hotel sector remains positive, ICICI Securities says

** Brokerage expects the hotels in its coverage universe to report double-digit RevPAR growth in Q4, as they did in Q3

** Sees annual recurring revenue CAGR of 6–8% over FY24–27, with 100-200 bps jump in occupancy in FY25 and FY26

** Reiterates "buy" on Indian Hotels IHTL.NS, Chalet Hotels CHAL.NS and Lemon Tree Hotels LEMO.NS

** Shares of IHTL, CHAL and LEMO ended 2%-3% higher on the day

(Reporting by Ashish Chandra in Bengaluru)

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Jan 29 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS DEC-QUARTER CONSOL NET PROFIT 965.4 MILLION RUPEES

• CHALET HOTELS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 4.58 BILLION RUPEES

Source text: ID:nBSEG7sDl

Further company coverage: CHAL.NS

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Jan 9 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - TO ISSUE NON CONVERTIBLE DEBENTURES FOR UPTO 750 MILLION RUPEES

Source text: ID:nNSEbK8NtW

Further company coverage: CHAL.NS

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** Events such as religious festival Maha Kumbh Mela and Coldplay concerts, scheduled to be held between Jan.-Feb. 2025, will drive growth for Indian hotels in Q4, Elara Capital says

** Taj Ganges owned by Indian Hotel's IHTL.NS unit Benares Hotels BNRS.BO to benefit from Kumbh Festival in Prayagraj; Juniper Hotels JUNI.NS and others to benefit from Coldplay concerts in Mumbai and Ahmedabad - brokerage

** Says hotels sector witnessed good growth in Q3, led by high occupancy and double-digit growth in average room rate (ARR)

** Brokerage's top picks include Chalet Hotels CHAL.NS, JUNI, IHTL

** CHAL, JUNI, IHTL, and BNRS up 3.8%, 0.6%, 0.07%, and 0.6%, respectively

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of Lemon Tree Hotels LEMO.NS rise 2.7% to a record high of 159 rupees

** Stock on track to seventh straight day of gains, if trend holds

** Reuters could not immediately ascertain the reason behind LEMO's move

** December marks LEMO's busiest in 4 months, with nearly 100 mln shares traded

** Analysts' avg rating on stock is "buy", same as that on peers Indian Hotels Co IHTL.NS and Chalet Hotels CHAL.NS - data compiled by LSEG

** Their median PT on LEMO is 153 rupees - LSEG data

** Stock up 30% YTD, vs 101% and 43% gains in IHTL and CHAL, respectively

(Reporting by Aleef Jahan in Bengaluru)

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** Axis Capital initiates coverage on Chalet Hotels CHAL.NS, Juniper Hotels JUNI.NS, The Indian Hotels Co IHTL.NS with 'buy', and Lemon Tree Hotels LEMO.NS with 'add'

CHALET HOTELS AND JUNIPER HOTELS

** Brokerage sees revenue and occupancy at CHAL and JUNI benefiting from premium brand affiliations (CHAL-Mariott; JUNI-Hyatt)

** CHAL and JUNI's assets all located near business centers and airports, targeting business travellers - brokerage

INDIAN HOTELS CO AND LEMON TREE HOTELS

** IHTL, which operates the iconic Taj Brand, and LEMO to benefit from premiumization

** Both IHTL and LEMO plan to increase the share of managed hotels in their portfolios, as part of an asset-light model strategy, a plus for management fee growth and profit margins - brokerage

** On the day, CHAL up 5.27% to 976 rupees ($11.50), LEMO up 1.56% to 145 rupees, while JUNI down 1.02% to 358.6 rupees and IHTL flat

($1 = 84.8625 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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Oct 24 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• SEPT-QUARTER CONSOL NET LOSS 1.38 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.77 BILLION RUPEES

• TO RAISE NON-CONVERTIBLE DEBENTURES WORTH 6 BLN RUPEES

Source text for Eikon: ID:nBSE3tdRc2

Further company coverage: CHAL.NS

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Oct 14 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS- REVERSAL OF DEFERRED TAX ASSET OF 2.03 BILLION RUPEES TO HAVE ONE-TIME IMPACT ON PAT

Source text for Eikon: ID:nNSE8Dbh8f

Further company coverage: CHAL.NS

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Sept 24 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CLARIFICATION ON ALLEGED LETTER THAT SAYS CO APPROVED BID FOR SHARES

• SAYS LETTER FALSE AND NO SUCH MATTER CONSIDERED OR APPROVED

Source text for Eikon: ID:nNSE5ZnrJ1

Further company coverage: CHAL.NS

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Aug 29 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - GETS TOTAL TAX DEMAND OF 42.5 MILLION RUPEES

Source text for Eikon: ID:nBSE9svkGC

Further company coverage: CHAL.NS

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July 1 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS - MILIND WADEKAR HAS CEASED TO BE CFO

Source text for Eikon: [ID:]

Further company coverage: CHAL.NS

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May 13 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - NITIN KHANNA WILL BE APPOINTED AS CHIEF FINANCIAL OFFICER

• CHALET HOTELS LTD - MILIND WADEKAR WILL STEP DOWN AS CFO

• CHALET HOTELS LTD MARCH-QUARTER CONSOL NET PROFIT 824.4 MILLION RUPEES VERSUS 367.1 MILLION RUPEES

• CHALET HOTELS LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 4.18 BILLION RUPEES VERSUS 3.38 BILLION RUPEES

Source text for Eikon: ID:nBSE78Xzkx

Further company coverage: CHAL.NS

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April 30 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• GETS TAX ORDER FOR DEMAND AT 1.9 MILLION RUPEES

Source text for Eikon: ID:nBSE1MLBcT

Further company coverage: CHAL.NS

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** Investec expects all Indian hotel firms in its coverage to post upbeat Q4 results "supported by the wedding season, increased leisure demand"

** Expect Lemon Tree Hotels LEMO.NS to deliver highest Y/Y rev growth in Q4 at 28.4% vs peers Indian Hotels Company IHTL.NS and Chalet Hotels CHAL.NS at 21.2% and 22.2%, respectively

** Margins seen stable for IHTL, CHAL on strong base, flags pressure for LEMO due to co's new launches, ongoing updates

** Investec downgrades CHAL to "hold" after stock rises 18% in one month, retains "buy" on LEMO, "hold" on IHTL

** Investec raises TP for all three firms, all of which are rated "buy" on an average, per LSEG data

** In late trade, CHAL, LEMO up 1.1% and 1.6% while IHTL largely flat

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Chalet Hotels CHAL.NS rise as much as 9.9% to record 958 rupees

** Hotels operator on Wednesday launched qualified institutional placement (QIP), set floor price of 780.76 rupees per share, a 10.4% discount to its closing price on the day

** Co did not immediately respond to mail seeking comment on size of QIP and how it planned to use QIP proceeds

** Stock currently up 2%

** Close to 2.7 mln shares traded in stock's most active session in over 2 years

** Twelve analysts tracking CHAL rate it "buy" on avg, median PT 825 rupees - LSEG data

** Stock up nearly 10% in March, extends winning run to 5 months

(Reporting by Nandan Mandayam in Bengaluru)

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March 27 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - QIP ISSUE AT FLOOR PRICE 780.76 RUPEES PER SHARE

Source text for Eikon: ID:nNSE1LKlD5

Further company coverage: CHAL.NS

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March 1 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• EXPANDS ITS LEISURE PORTFOLIO WITH COURTYARD BY MARRIOTT ARAVALI RESORT, NCR

Further company coverage: CHAL.NS

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Feb 29 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• APPROVED ACQUISITION OF PARTNERS' SHARE IN AYUSHI AND POONAM ESTATES LLP

• ENTERPRISE VALUE FOR ACQUISTION AT 3.15 BILLION RUPEES

Further company coverage: CHAL.NS

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** Brokerage Emkay Research forecasts strong Q4 for Indian hotel operators as demand momentum strengthens average room rate (ARR)

** ARR expected to pick up in Q4 as business travel resumes post-holiday period, weddings and conferences to support demand - Emkay

** Indian cricket tournament in end-March to aid demand for Indian Hotels Co IHTL.NS, pickup in business travel to support Chalet Hotels CHAL.NS - note

** Brokerage expects margin improvement for IHTL, CHAL and Lemon Tree Hotels LEMO.NS; estimates double-digit revenue growth over FY24-26

** Adds, IHTL rev to rise from new businesses, higher-margin commercial properties to drive rev growth for CHAL

** Emkay rates all three cos "add", prefers CHAL; avg rating on all three cos equivalent to "buy", per LSEG data

** LEMO and IHTL up 0.4% and 1% respectively, while CHAL down 1.2%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Lemon Tree Hotels LEMO.NS up 4.7% at 135 rupees, paring some gains from intraday high

** Hotel chain operator says signed license agreement for upcoming hotel in Noida; also expanding portfolio in Uttar Pradesh state

** Stock on track to snap three straight sessions of losses

** Average recommendation on the stock as well as rivals Chalet Hotels CHAL.NS and Indian Hotels Co IHTL.NS equivalent to "buy" - LSEG data

** LEMO up ~13% in 2024 vs CHAL's 19% jump and IHTL's 20% climb

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of India's Chalet Hotels CHAL.NS up as much as 6.36% to hit record high at 794.85 rupees

** Luxury hotel operator's Q3 consol rev jumped ~29%; occupancy improved by 6 percentage points to 71%

** Co on track for third straight month of gains, up 9.6% so far

** CHAL currently trading up 2% at 762.90 rupees, more than 13% higher than the average PT of 12 analysts covering the stock -LSEG data

** CHAL logged third straight yearly gain in 2023, rising 100%

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 24 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - APPROVED RAISING FUNDS WORTH UPTO 20 BILLION RUPEES IN ONE OR MORE TRANCHES

• CHALET HOTELS LTD - PROCEEDS FROM PROPOSED FUND RAISE INTENDED FOR PARING DOWN DEBT, ORGANIC OR INORGANIC GROWTH

• CHALET HOTELS DEC-QUARTER CONSOL NET PROFIT 706.2 MILLION RUPEES VERSUS 1.02 BILLION RUPEES

• CHALET HOTELS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 3.74 BILLION RUPEES VERSUS 2.90 BILLION RUPEES

Source text for Eikon: ID:nBSE39FBSM

Further company coverage: CHAL.NS

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** Shares of Chalet Hotels CHAL.NS rise as much as 5.8% to a record 718.2 rupees

** Stock of Marriott, Westin and Four Points hotel chains operator last up 4.3%

** More than 1.4 mln shares traded so far, 3.8X the 30-day moving average and third-busiest session this month

** Mean rating of 12 analysts is "strong buy"; median PT is 660 rupees, about 7% lower than current price - LSEG data

** Stock on track for third straight year of gain

** Stock's roughly 2X climb in 2023 outpaces hotelier rivals Indian Hotels Company's IHTL.NS 36% and EIH Ltd's EIHO.NS 40% climbs

(Reporting by Varun Vyas in Bengaluru)

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Dec 28 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CHALET HOTELS LTD - RECEIVED ORDERS FROM GST DEPARTMENT

• CHALET HOTELS LTD - ORDER FROM MAHARASHTRA GST AUTHORITIES WITH A DEMAND FOR ABOUT 19.84 MILLION RUPEES

• CHALET HOTELS LTD - ORDER FOR TELANGANA STATE REGARDING AVAILING OF TRANSITION CREDIT WITH A DEMAND AGGREGATING TO 3.6 MILLION RUPEES

Source text for Eikon: ID:nNSE7tTs6f

Further company coverage: CHAL.NS

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** Shares of Chalet Hotels CHAL.NS rise as much as 4.28% to a record high of 640.90 rupees

** Stock gains after ICICI Securities raises target price to a street high of 715 rupees from 652 rupees; reiterates "buy" rating

** Brokerage says luxury hotels operator's focus on growing its hotel room and office rental portfolio is the "right strategy in an industry upcycle", compared with asset-light expansion plans of industry peers

** Sees strong demand momentum in the second half of fiscal 2024 for Chalet

** The mean rating of the 12 analysts covering the stock is 1.5, which is equivalent to "buy" - LSEG data

** Trading volume is 1.45 mln shares, 5.7 times the 30-day avg - LSEG data

** Chalet stock up 83% in 2023 so far, including session's gains

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Brokerage Nuvama expects rate momentum for Indian hotel firms to remain robust after revenue growth largely aided Q2 margins

** Adds premium-segment focused cos like Indian Hotels Company IHTL.NS, EIH EIHO.NS and Chalet Hotels CHAL.NS outperforming the sector

** CHAL, IHTL benefitted from G20 in Delhi - Nuvama analysts

** Brokerage says Lemon Tree Hotels LEMO.NS "top pick" on start of debt pay-down phase, likely traction

** Nuvama sees IHTL's India performance to sustain in Q3, raises co's PT to 422 rupees from 417 rupees and retains "hold"

** Shares of IHTL, CHAL and EIHO down between 0.1%-1.3% while LEMO up 0.1% on Tuesday

(Reporting by Hritam Mukherjee in Bengaluru)

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Oct 25 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• INDIA'S CHALET HOTELS SEPT-QUARTER CONSOL NET PROFIT 364.4 MILLION RUPEES VERSUS PROFIT 157.3 MILLION RUPEES

• CHALET HOTELS LTD SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.15 BILLION RUPEES VERSUS 2.48 BILLION RUPEES

• APPROVED AMENDMENT OF ARRANGEMENT WITH MINDSPACE BUSINESS PARKS FOR DEVELOPMENT OF PROPOSED HOTEL

• APPROVED AMALGAMATION OF SONMIL INDUSTRIES, DUKES RETREAT WITH AND INTO CO

Source text for Eikon: ID:nBSE86zRW9

Further company coverage: CHAL.NS

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Oct 4 (Reuters) - Chalet Hotels Ltd CHAL.NS:

• CO COMMENCED OPERATIONS IN RESPECT OF 88 ROOMS AT HOTEL AT PUNE WITH EFFECT FROM OCT 4

Source text for Eikon: ID:nBSE6ZVB8Y

Further company coverage: CHAL.NS

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