Sarovar speeds up growth
Fast growing Sarovar Hotels & Resorts, a chain set up and run by Oberoi Group veterans and other associates, plans to grow to 50 hotels by the year-end.business Updated: May 16, 2010 21:59 IST
Fast growing Sarovar Hotels & Resorts, a chain set up and run by Oberoi Group veterans and other associates, plans to grow to 50 hotels by the year-end.
Founded in 1994 by Anil Madhok, who worked with the Oberoi group for 25 years, Sarovar manages, franchises and markets 45 hotels in 38 destinations under five brands.
Sarovar now trails the Taj and ITC Welcom groups.
The Taj Group currently has 106 hotels globally while ITC manages 116 hotels across four brands. The Oberoi Group operates 28 hotels and three cruisers in five countries.
While Taj, Oberoi and ITC are known for their luxury hotels, Sarovar is going the mid-market way to achieve scale.
"The mid-market segment continues to grow in India with maximum growth in the budget and no-frill segment across metros, non-metros and smaller cities," said Anil Madhok, managing director, Sarovar Hotels & Resorts.
"After a sombre 2009, the industry is now again picking up strength and showing positive signs," he said.
This year, Sarovar has launched hotels in Gurgaon, Nashik, Baddi and Haridwar. It is currently developing two Hometel budget hotels in Chandigarh and Chennai.
Sarovar plans to add nine more hotels by 2012 and be a 100-hotel chain by 2020.