Luxury hotels in India are betting big on branded residences and serviced apartments

“What is happening now is tokenization,” said Ajay K. Bakaya, chairman of Sarovar Hotels and director of Louvre Hotels India. “In most of these projects, the name of the hotel brand is used to sell the units and this usually comes with an upfront fee of around 3-5% of the sales value, which is very significant. After that, if it is a serviced apartment format, the hotel can operate it as a hotel apartment.”