Juniper Hotels, a partnership between the Saraf Group and Hyatt, has unveiled plans to double its room count to 4,000 keys within four years in India.
Sharing the roadmap during a conversation with The Economic Times (ET), Juniper Hotels CEO Varun Saraf was quoted as saying: “We’re operating about 1,900 keys right now. The Bangalore Westin opens in October—that’s 235 keys, taking us to about 2,100 keys.
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“We’re doubling that to approximately 4,000 keys over the next four years.”
He explained that five upcoming greenfield ventures will anchor this growth -comprising four hotel properties and one commercial asset – with a combined outlay of Rs19.3bn ($201m) set aside for the purpose.
Saraf also noted that among these, the Bangalore project’s second phase will add 275 rooms plus serviced apartments at a projected spend of Rs4bn.
It is also building a commercial tower beside the Grand Hyatt Mumbai, situated on land the company already possesses across an 80,000ft² footprint.
Saraf pointed out that the Rs19.3bn figure strictly covers construction.
He noted that land costs are excluded because the company already owned the Guwahati and Mumbai plots, or secured government land cheaply.
“Delhi had no upfront land cost. The Bangalore Phase two project was part of existing acquisitions or development partnerships,” he explained, adding: “So the entire Rs19.3bn goes directly into construction and development.”
The Saraf Group partnered with Hyatt in 1998 to establish Juniper Hotels.
The company opened its first property, Grand Hyatt Mumbai Hotel and Residences, in 2004.
Juniper Hotels chairman and managing director Arun Saraf told ET that the company plans to concentrate operations within India’s leading three or four luxury markets rather than pursuing a nationwide presence.
