Chalet Hotels secures Karnataka High Court stay on ₹40 crore property tax notice – CNBC TV18

Hospitality and resorts chain operator, Chalet Hotels Ltd, on Tuesday (February 17), stated it has obtained a stay order from the High Court of Karnataka in reference to a notice issued by the Larger Bengaluru Authority.

The notice, described as a ‘Proclamation and Written Notice of Sale of Immovable Property’, was issued to the corporate for alleged non-cost of property tax dues of roughly ₹39.56 crore, together with curiosity, penalty and cess. The dues pertain to the corporate’s property positioned in Whitefield, Bengaluru, Karnataka.

Following the issuance of the notice, the corporate filed a writ petition earlier than the High Court of Karnataka. The courtroom has now granted a stay order on the matter till the following date of listening to.

Additionally Learn: Chalet Hotels Q3 revenue surges 28.5% on sturdy income and working development

Final week, Chalet Hotels stated it expects the hospitality sector to stay on a agency footing over the following couple of years, helped by sturdy journey demand and a persistent demand-provide hole.

Shwetank Singh, MD & CEO of Chalet Hotels, highlighted that though January was comparatively muted, demand picked up meaningfully in February and has stayed regular into March, conserving the corporate assured a few stable near the monetary 12 months.

Singh expects the following two to a few years to stay beneficial for the hospitality trade, with income per accessible room development more likely to stay in double digits, led extra by rising common room charges than occupancy features.

Additionally Learn: Chalet Hotels swings to ₹154 crore revenue in Q2 on sturdy income development

Chalet Hotels is strengthening its portfolio by the Athiva model, whereas sustaining steadiness-sheet consolation with secure debt ranges and satisfactory headroom to fund future expansions and acquisitions.

Shares of Chalet Hotels Ltd ended at ₹870.55, up by ₹7.55, or 0.87%, on the BSE.