:
India: Private equity firm Jupiter Capital’s hospitality venture, Niraamaya Retreats, will invest around £24 million over the next two years in developing boutique hotels.
India: Private equity firm Jupiter Capital’s hospitality venture, Niraamaya Retreats, will invest around Rs 220 crore (£24 million) over the next two years in developing boutique hotels.
The company has identified Goa, Kumarakom (Kerala) and Chikmanglur (Karnataka) as target locations.
Sidhartha Mehra, chief financial officer at Jupiter Capital said: “We are bullish on the hospitality business and are open to both organic and inorganic growth to expand our presence,” adding that revenue from the hospitality venture has been growing at around 25 per cent year-on-year.
Jupiter Capital, which was founded by Rajeev Chandrasekhar in 2005, moved into the hospitality sector in 2009 by acquiring Surya Samudra, a boutique property in Kovalam, Kerala. The property was re-launched as Niraamaya Retreats Surya Samudra in 2010.
“We are looking at opening hotels in Goa, Kumarakom and Chikmanglur in the next 12 to 18 months and are also scouting for opportunities in Sri Lanka, Lakshadweep and Hampi (Karnataka),” said Manu Rishi Guptha, CEO, Niraamaya Retreats. The company is also open to growth through management contracts.
www.niraamaya.in
