Homegrown luxury boutique hotel group, jüSTa Hotels and Resorts is aiming to achieve a turnover of INR 100 Crores in the Financial Year (FY) 2023-24. The Bangalore-headquartered company has been on a major expansion spree in the last two years wherein it has added 11 new hotels and resorts to its portfolio since August 2020. The company currently has 19 hotels and resorts with over 500 keys in 8 states.
Regarding the company’s exponential growth over the last couple of years, Ashish Vohra, Founder and CEO, jüSTa Hotels and Resorts, said, “Pre-pandemic, our turnover had touched almost INR 60 Crore. However, we came down to INR 15 Crore after the first wave. That is when we decided that it was time for us to reset, reimagine and reinvent the company. Therefore, we took some tough decisions and shut down 6 out of our 14 hotels.”
“We shifted our focus to luxury resorts and retreats and signed up our first hotel during the pandemic in Mukteshwar in August 2020. Since then, we have signed revenue-sharing agreements with 11 hotels. In fact, 10 hotels were opened between the second and the third wave. In FY 2021-22, our turnover was INR 25 Crores and we should be able to achieve our pre-pandemic numbers this fiscal. If all goes well with the marker and as per our business plan, we will achieve a turnover of INR 100 Crores in FY 2023-24,” he added.
jüSTa Hotels and Resorts has hotels in Rajasthan, Uttarakhand, Himachal Pradesh, Delhi, Goa, Karnataka, Kerala and Tamil Nadu. The company, which currently operates hotels under two brands – jüSTa and NUO – is planning to launch another brand in the next few months. The latest brand of the company will focus on the uber-luxury boutique hospitality segment.
Referring to the pandemic as the period when they did not make money but built a strong brand instead, Ashish Vohra said, “We have reached a point where we will move from being a small company to a mid-sized company to reckon with. By the end of this fiscal, we will have a total of 22 hotels operational and another 3-4 signed up. Going forward, our biggest challenge is to manage growth. Therefore, we will pay close attention to service delivery and quality across all our hotels so that the strong value proposition that we offer to our guests is maintained.”