Sarovar Hotels aims to expand its portfolio to 150 hotels by 2025, representing a nearly 30% increase from the current count in the coming months. The company anticipates an annual growth rate of around 16% in its Average Room Rates (ARRs).
“Our pipeline is exceptionally strong. By 2025, we aim to achieve a total of 150 hotels. Additionally, in 2024, we anticipate having 125 operational hotels, marking an increase of 10 from our current count,” stated Ajay Bakaya, Managing Director of Sarovar Hotels.
With 111 hotels in 2023, the company currently boasts 120 hotels spread over 75 locations in 2024.
Continue Exploring: Hotel giants bet big on India: Radisson, Marriott, Hilton, IHG, and Wyndham compete in intense race for expansion
“We’ve witnessed a 16 percent increase in Average Room Rates (ARRs) during the first quarter of this calendar year, compared to 8-9 percent last year. We anticipate maintaining and stabilizing ARRs within this range. Additionally, our occupancy rates have surpassed those of last year,” commented Bakaya.
Regarding the international portfolio, Bakaya mentioned that the company is set to unveil three new properties in Nepal this year, with an additional three in the pipeline for Africa.
On Wednesday, Sarovar Hotels announced the opening of three new hotels: Sarovar Portico Sonipat, Grand Continent Malleshwaram, and Grand Continent Anjuna Goa. With these additions, Sarovar has achieved a total of seven openings in 2024, solidifying its position as the fastest-growing hotel chain in the country.
Sarovar Hotels, a subsidiary of the Paris-based Group Du Louvre, oversees the operation and management of hotels spanning various brands such as Sarovar Premiere, Sarovar Portico, Hometel, and Golden Tulip. These brands collectively cater to the 3, 4, and 5-star segments.
The Group Du Louvre, ranked as Europe’s second largest hotel group, holds a prominent position in the global hospitality sector, boasting a portfolio of over 1,700 hotels across 60 countries. In India, Sarovar now oversees the management of Golden Tulip hotels, a segment under the umbrella of Group Du Louvre.
Continue Exploring: Accor bullish on India, plans to launch 30 new luxury hotels with 5,500 rooms over next 3-5 years