The Jujhar Group – a multidimensional conglomerate giant based out of Punjab with a presence in major industries across North India, including Fastway Cable and Netplus Broadband, has expanded its operations to enter the buoyant Indian hospitality sector by completing the acquisition of the Fairfield by Marriott hotel in Amritsar.
The purchase of this almost five year old property was done directly from Fairfield Marriott ASR. The 4-star property, comprising over 130 rooms and world-class amenities, is known for its stellar combination of contemporary comfort and award-winning customer service. It is one of the most preferred hotels for both business and leisure travellers in Amritsar due to its prime location. The property is located within a convenient distance from the airport, the railway station as well as important landmarks such as the Golden Temple, Jallianwala Bagh and the Wagah Border.
Driven by Mr. Arshdeep Singh Mundi, the Director of Jujhar Group, the brand is looking to test waters and enter the hospitality business through this 100% stake acquisition. On the takeover, Mr. Singh said “the city receives around 1 lakh tourists a day, of which approximately 50% stay back with the number touching close to 1.5 lakh on the weekends. We intend to extend a world class service to our customers and look at revamping the entire property in phases. Going forward, we wish to tap the growing hospitality market in India and hence would come up with newer acquisitions and launches in the times to come.”
The purchase comes at a time when the Indian hospitality industry is steadily recovering from the COVID-19 pandemic, with the lifting of travel restrictions and mass-vaccinations helping tourist numbers return to pre-pandemic levels. Having emerged as one of the key drivers for growth among the services sector, the hospitality industry in India is expected to grow rapidly over the next 5 years, and is projected to reach US$125 billion by FY27. Looking at the bright future of the industry, the acquisition of Fairfield by Marriott is the first of many to come for Jujhar Group, with several other major projects in the pipeline.