Sarovar Hotels Signs Hospitality Management Contract with ACE HIVE for 490+ Keys in Greater Noida
Sarovar Hotels Enters Branded Residences Segment with ACE HIVE Deal
Sarovar Hotels has signed a management contract with ACE HIVE for over 490 keys in Greater Noida, marking a significant expansion into the hotel-managed branded residences market. The company, founded in 1994, has signed two projects in the last six months as the Indian real estate market witnesses a continued premiumisation trend.
Strategic Shift into Residential Services
Sarovar Hotels has identified branded residences as a strong revenue stream to aid growth from its core hotels business, according to the company's leadership. Jatin Khanna, chief executive officer (CEO), told Business Standard that "the buying capacity is increasing and it is seen as a safe haven in terms of investment."
In the last three months, the company has signed two contracts — the ACE HIVE management contract for over 490 keys in Greater Noida and another for over 190 keys in Ghaziabad. The ACE HIVE project includes 490 units in partnership with Nirala India Parivaar, indicating a collaborative model where Sarovar assumes hospitality operations.
Location and Market Position
Situated on Yamuna Expressway, ACE HIVE offers exceptional connectivity to Jewar Airport, Agra, Mathura, Delhi, Faridabad, and Ghaziabad. It takes just half an hour's drive to reach Jewar Airport from the project, and is close to the upcoming Olympic Park and Noida Film City.
ACE HIVE is a well-planned commercial destination located in Sector 22A on the Yamuna Expressway, Greater Noida, spread across 5 acres with contemporary architecture set against landscaped green spaces. The project's mixed-use format combines modern retail spaces, food & beverage zones, entertainment facilities, banquet halls, and studio apartments.
Timeline and Market Context
The Greater Noida project is expected to be operational within the next 36 months. This timeline aligns with ACE Group's broader development pipeline in the region, where Noida's 2024 property prices hit ₹14,946/sq ft, and Yamuna Expressway reached ₹6,600/sq ft, with prices expected to rise 20–47% and 29–59% respectively by 2026-2027.
Part of Broader Hospitality Expansion
According to CEO Jatin Khanna, the company currently has around 250 hotels (operational and under development) with nearly 22,000 keys, and expects to reach 210+ operational hotels with an additional 100–120 properties in the pipeline over the next 36 months. Sarovar Hotels is projecting double-digit revenue growth, with an estimated revenue of ₹2,300 crore in 2026, up from ₹1,991 crore last year.
A key pillar of the company's growth strategy is its asset-light model, with nearly 90% of its portfolio under management contracts and the remaining under franchise agreements. The ACE HIVE deal exemplifies this approach, allowing rapid expansion into new real-estate segments without capital-intensive ownership.
About ACE Group
ACE Group was established in 2010 by Ajay Choudhary and has developed a substantial portfolio across the Delhi-NCR region. The company is renowned for luxury residential and commercial projects in Noida, Greater Noida, and Noida Extension. The ACE HIVE project represents the group's entry into hospitality-managed branded residences, broadening its mixed-use development capabilities on the Yamuna Expressway corridor.