Brief Description of Business:
Chalet Hotels Limited is a hotel real estate investment company that owns, develops and is an asset manager of high-end hotels in key metro cities in India. The company’s hotel platform comprises of operating hotels including a hotel with a co-located serviced residence that is managed by third parties situated in Mumbai, Hyderabad, and Bengaluru.
Their portfolio includes JW Marriott Hotel Mumbai Sahar, Bengaluru Marriott Whitefield, The Westin Hyderabad Mindspace, Renaissance Mumbai Convention Center Hotel, Four Points Sheraton Vashi and Marriott Executive Apartments. It is a hospitality company of K Raheja Corp.
The Indian tourism and hospitality industry has been a key driver of growth among the services sector. India is one of the most digitally advanced traveler nations. It’s rising middle class and increasing disposable income has supported the growth of domestic tourism. During 2018, Foreign Tourist Arrivals (FTAs) stood at 10.56 million, a growth rate of 5.20% on a year-on-year basis.
From 2000-2018, the hotel and tourism sector attracted an FDI of US$ 12bn. International hotel chains are increasing their presence to account for a 47% share by 2020.
Promoters 71.41%, FPIs 10.05%, Mutual Funds/AIFs/Financial Institutions 15.87%,
Rajeev holds a bachelor’s degree in commerce from the University of Calcutta. He holds a Chartered Accountant degree from The Institute of Chartered Accountants of India and has also been admitted as an associate with The Institute of Company Secretaries of India. He was appointed as an Executive Director and Chief Financial Officer at Chalet Hotels Limited where he managed the IPO process and stakeholder management. He also shouldered the responsibilities of a CEO for an interim period of 4 months.
Prior to joining Chalet Hotels, Rajeev worked with the Taj Group of Hotels for a period of 17 years including a long stint as the Vice President Finance at a Group Level. He has also worked in sectors such as Cement, Automotive, Food and Healthcare including setting up two start-ups.