Black Rock Hotels Targets 4,500 Rooms by 2031 With Udaipur Resort and New Hospitality Projects
New Delhi, India | September 25, 2026: Black Rock Hotels & Resorts is planning a major expansion of its hospitality portfolio, targeting 4,500 hotel rooms by 2031 from around 950 keys across seven operating properties today.
The company plans to add around 900 rooms by the end of 2027 and cross 3,000 keys by 2030, while also moving into owned hotel development, sale-and-leaseback projects and new domestic and international destinations.
Black Rock Plans to Add More Than 3,500 Keys
Founded by Anshul Bhargava, Black Rock currently operates seven hotels with approximately 950 keys, primarily across Rajasthan.
Its existing portfolio includes properties such as Ananta Spa & Resort, Anant Mahal and Beelwa Palace in Jaipur, Pushkara Resort & Spa in Ajmer and resorts in Ranthambore.
The company aims to:
- Add around 900 keys by end-2027
- Cross 3,000 keys by 2030
- Reach approximately 4,500 keys by 2031
The expansion is focused largely on resorts and destination properties rather than conventional city hotels.
241-Room Udaipur Resort Marks Owned Property Push
Black Rock is preparing to open its first owned property in Udaipur.
The lakefront resort is planned for 241 rooms, with around 150 rooms expected to open in March 2027.
A second owned project with approximately 225 rooms is expected within about two years, potentially taking the company's owned inventory to roughly 450 rooms.
The move marks a shift beyond operating hotels owned by other parties toward building and owning a portion of its own hospitality portfolio.
Sale and Leaseback Adds Another Expansion Route
Black Rock has also signed an agreement with a leading Jaipur developer for approximately 600 rooms under a sale-and-leaseback structure.
Under the model, units are sold to investors and subsequently leased back for hotel operations. Black Rock has brought in designers, architects and consultants for the project and plans to manage the completed property.
The company views the model as another way to expand its operating portfolio without relying exclusively on traditional hotel ownership.
For property investors, the structure links residential or hospitality-linked unit sales with an operating hotel business, making the lease terms, ownership structure and projected operating performance important factors to examine.
Revenue Share Model Sets Black Rock Apart
Black Rock operates on a revenue-sharing structure rather than the conventional hotel management model.
Under its model, property owners receive 25% of gross revenue, while Black Rock retains the balance and takes responsibility for salaries and operating expenses.
The company also funds pre-opening expenses, including staffing costs before and after a property opens and reaches break-even.
Because a large portion of hotel revenue flows through Black Rock's books, the company sees the model as important to its longer-term growth and potential listing plans.
IPO Could Come Around 2031
Black Rock is considering an IPO around 2031, but the plan is dependent on reaching specific financial thresholds.
The company says it would want annual revenue of at least ₹1,200–1,300 crore before considering a listing, with ₹2,000 crore described as the preferred level.
Founder Anshul Bhargava said the company currently carries no debt and would look at a public offering if it can maintain a 25–30% margin on its books.
The company would then use a combination of acquiring hotels and developing its own properties as part of its growth strategy.
Expansion Pipeline Spans Rajasthan, NCR and South India
Black Rock has signed or is evaluating projects across multiple destinations.
Its pipeline includes locations such as:
- Vrindavan
- Alibaug
- Kumbhalgarh
- Ranakpur
- Jodhpur
- Shimla
- Hanumangarh
- Jaisalmer
- Bengaluru region
- Ayodhya
Two properties in Jim Corbett are expected to open between December and March.
The company is also evaluating a tea estate with a golf course in Dibrugarh and holds a land parcel in Ayodhya.
International Expansion and New Hospitality Concepts
Black Rock is exploring international properties in Dubai, the Maldives and Mauritius as it looks beyond its existing Indian portfolio.
The company is also developing a new hotel brand aimed at 18–20 properties, each with around 50–100 rooms. The brand is expected to be unveiled within the next six to eight months, once a sufficient number of properties are signed and operating.
Its business strategy remains focused on weddings and MICE — meetings, incentives, conferences and exhibitions, with the company preferring destination and offbeat locations.
Black Rock is also in talks to manage a food village with 30–35 outlets on the Delhi-Jaipur highway, projected by the company to generate ₹55–60 crore in annual revenue, as well as a roughly 2,000-seat coworking facility in Bengaluru.
What Happens Next
The immediate focus will be on expanding the operating portfolio, opening the first phase of the Udaipur resort and progressing projects already signed across India.
The company expects hotel occupancy to approach 90% between October and mid-March, driven by weddings and conferences, while it expects inbound tourism to take longer to fully recover.
For India's hospitality real estate market, Black Rock's expansion is another example of operators combining hotel management, owned assets and sale-and-leaseback structures to build larger portfolios across destination markets.