New Delhi: Juniper Hotels, India’s largest owner of Hyatt-affiliated hotels, is planning to double its portfolio to 4,000 keys from the current 1,900 luxury keys over the next four years, CEO Varun Saraf told ET in an interview.

“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,” he said. “We’re doubling that to approximately 4,000 keys over the next four years,” he added.

The company has an investment plan of Rs 1,930 crore earmarked across five new greenfield projects — four hotels and one commercial asset, he said.

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“Phase two of the Bangalore project would have 275 rooms plus serviced apartments. That project would have a capex of Rs 400 crore,” he said.

The company is also building a commercial tower next to Grand Hyatt Mumbai on land that it already owns, spanning around 80,000 square feet. The project will cost about Rs 80 crore and is expected to be operational in financial year 2029.

“Grand Hyatt Delhi and Grand Hyatt Guwahati are both launching in financial year 2031. We have a capex of Rs 850 crore for Delhi and Rs 400 crore for Guwahati,” he added.

Saraf said the Rs 1,930 crore earmarked across all five developments represents pure construction costs. The land was either already owned by the company in Guwahati and Mumbai or acquired from the government at nominal rates.

“Delhi had no upfront land cost. The Bangalore Phase two project was part of existing acquisitions or development partnerships. So the entire Rs 1,930 crore goes directly into construction and development,” he added.

Arun Saraf, chairman and managing director of Juniper Hotels, said the company aims to operate in the top three or four markets in the country in the luxury segment and focus on building large assets that generate strong EBITDA and double in asset value over five years.

“We stand for strong cash flows, backed by rising asset values. We’re not going to be present pan-India. We’re very focused and specialised,” he added.

Arun Saraf said he is “genuinely excited” about the Delhi project.

“It’s located right next to Yashobhoomi and on the opposite side of Aerocity. The location, and its proximity to the airport and to West Delhi and Dwarka itself, puts it in a market that’s currently under-serviced,” he added.

He said the company has no plans to develop its own brand.

“We’ve seen many companies struggle with that — there’s a cost not just in building the brand, but the whole ecosystem of managing properties. We’d rather focus on developing and owning hotels, and hiring the best global operators — Marriott, Hyatt, and other global majors — to manage our properties,” he said.

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“Their fees are very affordable for the services they bring; it’s cheaper to have them operate our properties than to try to do it ourselves,” he added.

Arun Saraf said the company is open to more partnerships with brands such as Marriott.

“We try to fit the brand to the property and the market, and we’re open to working with anyone. Hyatt has been very supportive and available to us at short notice, and we’ll continue working with Hyatt and Marriott, and other global operators as and when the need arises,” he added.