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Chalet Hotels to Acquire Hospitality Company Seasons Hotels

-- Chalet Hotels (NSE:CHALET, BOM:542399) has agreed to acquire hospitality company Seasons Hotels for 1.71 billion Indian rupees, according to a Friday filing to the Indian stock exchanges.

Seasons Hotels owns a 144-room hotel named Inder Residency Resort & Spa, Udaipur, in the state of Rajasthan, India

The company plans to upgrade the property to a premium lifestyle destination and remain non-operative during this period. Chalet will also evaluate the possibility of expanding the property and adding additional rooms.

The transaction is expected to be completed by May 15.

The company's shares were up over 1% in recent trade.

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