Sarovar Hotels will open 10 new 4-star hotels by 2022
NEW DELHI : Sarovar Hotels and Resorts, part of the Parisian hotel company Groupe Du Louvre, plans to expand its 4-star Sarovar Portico and Golden Tulip brands in India.
The company will add seven hotels to its Sarovar Portico and 5-star Sarovar Premier brand portfolio in places like Delhi, Katra and Andhra Pradesh by 2022, chief executive Ajay K Bakaya said. The company will also launch three Golden Tulip hotels during the same period.
This year, the company has already signed five Sarovar Portico hotels in places like Gurugram, Greater Noida, Mussoorie and Dibrugarh.
The 27-year-old company currently operates more than 95 hotels in 65 destinations nationwide as well as overseas. It has properties in the 3, 4 and 5 star categories under its four brands – Sarovar Premiere and Portico, Golden Tulip and the 3 star Hometel brand.
Bakaya added that for the company, in general, the 100+ room brand Sarovar Portico does better than any of its other brands. There are currently around 60 Sarovar Portico hotels.
As the business of many hotel companies gradually recedes, average room rates for Sarovar are approaching normal, Bakaya said. âThe occupancy rate is also at 80% of the pre-covid-19 levels. This year, from July to September, we have had constant linear growth and we see that we will return to the pre-covid levels in all six. next few months, “he added.
India currently has around 145,000 branded hotel rooms in the country and by 2025-2026 that figure is expected to reach 1.8 lakh of rooms, according to hotel consultancy and consultancy Hotelivate.
Among the proposed hotel stock, the upscale segment will remain the most popular with hotel investors and developers. The high-end and mid-range segments will be the second most popular development category and together will contribute nearly 75% of the new offering expected to arrive over the next five years.
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