Niraamaya Retreats to add 9 properties in 5 years

Niraamaya Retreats, the operator of boutique hospitality and wellness properties backed by private equity firm Jupiter Capital, plans to expand to 15 resorts from its existing six in the next five years through an owned-and-franchised route. The company recently opened a property at Kumarakom in Kerala and will complete an under-construction villa property in Goa by 2021.

Jupiter Capital entered the hospitality sector when it acquired boutique property Surya Samudra in Kovalam, Kerala, in 2009. The property was later rebranded as Niraamaya in 2012 and Jupiter invested about Rs 400 crore in the company.

Niraamaya will break ground on two hotels – one of them in Goa – over the next two to five years and will manage another seven through franchises. It will deploy about Rs 100 crore in development and is looking at raising Rs 150 crore.