Sanjay Sethi resigns as MD and CEO of Chalet Hotels

NEW DELHI: Sanjay Sethi has resigned as the MD and CEO of Chalet Hotels. Chalet Hotels is K Raheja Corp's hospitality company which owns a number of marquee luxury properties in India including the Marriott and Renaissance hotels in Mumbai.

When contacted by ET, Chalet Hotels confirmed the development and stated Sethi is moving on.

In an interview to ET last month, Sethi had stated that Chalet Hotels is looking to double its room portfolio with a total planned expenditure of Rs 3,000 crore over the next 4-5 years.

Chalet has a portfolio of around 2800 rooms and it is planning to add around 15,00 to 2000 keys through acquisitions and 1000 rooms through greenfield developments including land cost.

The company also has plans of investing in luxury properties in other cities like Bengaluru, Goa, NCR and Pune besides ramping up its presence in Mumbai.
Sethi was previously the MD and CEO of Berggruen Hotels, which runs hotels under the Keys brand.

For the year ended March 2017, Chalet Hotels’ turnover for its total seven hotels stood at Rs 950 crore with earnings before interest, depreciation, tax and amortization (EBIDTA) of Rs 350 crore. After including the performance of the company’s co-owned hotel in Juhu, the turnover stood at Rs 1,100 crore and EBIDTA at Rs 400 crore.