Ventive Hospitality is positioning itself at the centre of India's luxury travel boom with a ₹2,000 crore expansion pipeline spread over five years, which includes a new Soho House in Delhi’s Qutub area and the potential addition of The Ritz-Carlton Bangalore to its portfolio.
Backed by American investment management company Blackstone and Pune-based Panchshil Realty, the hospitality platform is betting that demand for luxury travel will continue to outpace supply across India and foreign leisure markets such as the Maldives and Sri Lanka.
The company, which also owns global membership platform Soho House, plans to develop 2,000 rooms, both through greenfield expansion and acquisitions, over five years. “We have made 2,000 rooms in the last five years. We will add another 2,000. We are focusing a lot on luxury branded residences and villas. That’s our growth line," Ranjit Batra, chief executive of Ventive Hospitality, told Mint in an exclusive interaction.
The company, which debuted on the stock exchanges in December 2024, currently operates 13 assets across India and the Maldives, with around 80% of its portfolio in the luxury segment. It operates hotels under brands such as Marriott International, Minor International, Atmosphere Core, Hilton and Oakwood Worldwide.
Its prime properties include The Ritz-Carlton Pune, and JW Marriott Pune. Four other hotels are in different stages of development in the city. The Ritz-Carlton Pune currently commands room rates ranging from ₹23,000 to ₹39,000 per night, excluding taxes.
Stock of Ventive Hospitality ended little changed at ₹671.70 on the BSE on Tuesday.
The company is also developing India’s first AC Hotels by Marriott Bengaluru Whitefield, multiple Moxy Hotels properties aimed at younger travellers, and a Marriott-branded hotel in Varanasi. Mint has also learnt from sources that the 277-room Ritz-Carlton hotel in Bengaluru, which was acquired by Blackstone, will also be transferred to the Ventive portfolio. Batra declined to comment on this.
Ventive, which competes with the likes of other asset owning companies such as Chalet Hotels and the Samhi Hotels, is also evaluating acquisition opportunities in leisure-focused destinations, including Goa and Udaipur, as well as Sri Lanka while also exploring wellness-led hospitality projects integrated with branded residences. “We are looking at sensible capital allocation based on yield on capital northwards of 12%,” Batra said, adding that the company will pursue expansion selectively and only invest in projects that can generate strong returns on investment.
Ventive expects to fund much of its future expansion through internal accruals. Batra said the firm expects to generate around ₹500 crore in annual cash flows over time, giving it enough headroom to fund growth without excessive leverage. Out of its planned growth, around 1,100 keys are already under development, including the dual-branded JW Marriott Navi Mumbai and Moxy projects.
Analysts expect the hospitality sector to get a further boost once the West Asia conflict comes to an end.
“There is a clear influx of new players entering the hotel sector, particularly from real estate, as strong performance in the broader property market prompts companies to diversify their portfolios. Once geopolitical headwinds from West Asia ease, demand should see a further upward push. Within urban markets, Pune has stood out, with its average daily rates remaining strong over the past few months and, in fact, have outperformed other strong cities such as Bengaluru," Prashant Biyani, vice-president (institutional equity) at Elara Capital, told Mint.
Ventive aims to invest only in large cities, amid bets that India's hospitality sector has entered a prolonged upcycle, driven by robust domestic demand and a shortage of quality hotel supply in major cities. Batra said the company would continue focusing on large luxury assets rather than smaller projects. “We won't do small hotels in small places. We'd rather have big chunky assets.” Cities such as Delhi and Mumbai, he said, continue to face severe land constraints, limiting new hotel development and supporting higher room rates.
The company is also expanding overseas, particularly in Sri Lanka, which Batra described as one of Asia’s most underpenetrated luxury tourism markets. “Everything is going right for Sri Lanka right now as a market, too. It has what a tourist wants, affordability, connectivity, food, hospitality and infrastructure, we will look at assets there as well," he added. Ventive already has a presence in the country through the upcoming The Red Scarlet, a Ritz-Carlton Reserve property.
In the Maldives, the company owns the Conrad Maldives Rangali Island alongside other luxury island resorts. Batra said the Maldives portfolio contributes disproportionately high earnings because of premium room rates and long-stay international travellers.
“One resort there is equivalent to six or seven resorts in India from an Ebitda (earnings before interest, taxes, depreciation, and amortization) perspective,” he said.
Despite concerns around geopolitical tensions and economic uncertainty, Batra said the long-term demand outlook for luxury hospitality remains strong. “Demand is still outpacing supply. The happy days are still ahead for the hospitality business," Batra said.