Sarovar plans to double branded residences
New Delhi: Sarovar Hotels plans to double its branded residences portfolio over the next 12 months, expecting strong momentum in the segment as mid- and
New Delhi: Sarovar Hotels plans to double its branded residences portfolio over the next 12 months, expecting strong momentum in the segment as mid- and premium-segment developers increasingly look for hospitality partners.It has signed 800 units across three projects in Noida and Ghaziabad and is in the process of signing another 1,300 units as part of one of the country's largest branded residences projects. The Gurgaon-based company operates a portfolio of 150 hotels across 90 destinations in India and overseas."As part of our growth strategy, we have expanded into the branded residences and facility management space, which we believe is one of the fastest-growing segments within the Indian real estate market.
Leveraging our hospitality expertise, our objective is to deliver enhanced resident experiences through hospitality-led services," said Ajay K. Bakaya, chairman, Sarovar Hotels, and director, Louvre Hotels India.The company has signed Ace Hive, Greater Noida, for 490 units and The Element, Ghaziabad, for 190 keys in partnership with Nirala India Parivaar and Ishaan Group, respectively, and Trecento Residencies, Greater Noida, including the clubhouse, for 120 units in partnership with Gaurs Group.
"We have recently signed another 1,300 keys under a branded residences and facility management model with a leading real estate developer. In some projects, the developer is only looking for facility management, while in others, they want us to manage the project throughout its life cycle," Bakaya said.Delhi- Capital Region has emerged as a key market for the trend, fuelled by rapid wealth creation and an expanding base of globally mobile entrepreneurs and business families.
Hospitality firm Marriott International has tied up with Whiteland Group.
The BriefWire