Chalet Hotels (CHALET) delivered in-line Q1FY24 revenue of INR3.1bn and adjusted EBITDA of INR1.3bn with RevPAR growing 24% YoY to INR7,182. While industry peers are focusing on the asset light expansion route, Chalet has chosen to grow its hotel room and office rental portfolio over FY23-27E through the ownership route (mix of existing project expansion and long-term leases).