Aman

Sector: Hospitality, Luxury Resorts and Wellness  |  HQ: Zurich, Switzerland (Aman Group)  |  Founded: 1988  |  Employees: 5,000+ (global)

Listed as: Privately held  | 

Company overview

Aman is the ultra-luxury resort, hotel, and wellness brand operated by Aman Group SA, headquartered in Zurich, Switzerland, with a global portfolio of approximately 35 properties across 20-plus countries. Founded in 1988 by Adrian Zecha with the opening of Amanpuri in Phuket, Thailand, the brand has built its identity around small-footprint properties (typically 30 to 50 rooms or pavilions), pristine natural settings, locally rooted architecture, and contemplative experiential design. Aman operates under an asset-light hotel management model with ownership of select properties held by sovereign wealth and private investor partnerships. The current majority shareholder is Vladislav Doronin (Russian-born real estate developer) through OKO Group, which acquired controlling interest in 2014. In India, Aman operates two flagship properties: Amanbagh in Ajabgarh near Sariska in Rajasthan (a fortified mughal-inspired property in the Aravalli foothills) and Aman-i-Khas (a tented camp adjacent to Ranthambore National Park focused on tiger safari guests). Both properties are positioned at the apex of Indian luxury hospitality with average daily rates of USD 1,500 to USD 4,000-plus depending on season and pavilion type, serving international ultra-high-net-worth travellers, fashion and lifestyle media, and select Indian luxury consumers. The brand has been associated with significant expansion plans including the recently opened Aman properties globally and the broader development pipeline.

Financial performance and recent trajectory

Disclosed revenue (FY25): private (global group).

Competitive position

In India, Aman operates at the apex of luxury hospitality alongside Oberoi Hotels and Resorts (NSE listed via EIH), Taj Hotels (Indian Hotels Company, NSE listed), Six Senses (resort and wellness, owned by IHG since 2019), Anantara (Minor International), Belmond (owned by LVMH), Capella (Singapore-based), and the soon-to-open Rosewood and Mandarin Oriental branded properties. Aman's competitive moats are the global ultra-luxury brand recognition that few peers match, the small-footprint property model that supports exclusivity and pricing power, the wellness positioning (Aman Spa is a flagship offering), and the location selection (Aman properties are typically in protected or destination-rare geographies). The principal vulnerabilities are the dependence on international travel volumes (Indian domestic luxury can support occupancy but rate optimisation requires international cohort), the asset-light management model that limits balance sheet upside, and the broader luxury hospitality cycle which softened post-COVID and recovered through 2023 and 2024.

Key risks

Dependence on international travel volumes subject to geopolitical and pandemic risk Limited Indian portfolio scale relative to global Aman footprint Competitive intensity from upcoming Rosewood, Mandarin Oriental, and Six Senses India

Outlook

Aman was founded in 1988 by Indonesian-born hotelier Adrian Zecha with the opening of Amanpuri in Phuket, Thailand. The brand identity was distinctive from the outset: small-footprint properties, locally rooted architecture, contemplative experiential design, and an ultra-luxury price point that exceeded the established Aman peers of that era (Four Seasons, Mandarin Oriental, Ritz-Carlton). The Aman portfolio grew through the 1990s and 2000s to over 25 properties globally. In 2014, Adrian Zecha sold a controlling stake to Vladislav Doronin (through OKO Group) with subsequent capital and ownership reorganisation that has supported the current expansion phase. The Indian Aman footprint includes two operating properties. Amanbagh, opened in 2005, is a 40-suite property in Ajabgarh, Rajasthan, near the Sariska Tiger Reserve. The property is designed in the mughal-inspired pavilion style with private courtyards, marble bathrooms, and views of the Aravalli foothills. Amenities include Aman Spa, two restaurants, swimming pool, and curated experiences including local village visits, heritage tours, and yoga and meditation programmes. Aman-i-Khas, opened in 2007, is a 10-tent luxury camp near Ranthambore National Park designed for tiger safari guests. Both properties operate at the apex of Indian luxury hospitality pricing with average daily rates of USD 1,500 to USD 4,000-plus. The business model is anchored on three revenue streams. Room and pavilion accommodation is the largest contributor with the 40-suite Amanbagh and 10-tent Aman-i-Khas operating at 60 to 80 percent annual occupancy and high average daily rate. Food and beverage operations include in-house dining and bar service typical to ultra-luxury properties. Wellness and experiences include Aman Spa treatments, yoga and meditation programmes, and curated cultural experiences (heritage tours, safari excursions, local village visits, private dining setups). Distribution and customer acquisition is principally direct booking through the Aman website, the Aman Privileged Guest programme (the loyalty programme), luxury travel agents (Virtuoso, Signature Travel Network, Travel Leaders, Mr & Mrs Smith), and select high-end concierge services. The Indian properties serve a predominantly international guest base with significant cohorts from the United States, United Kingdom, continental Europe, Middle East, and increasingly Greater China and Southeast Asia. Indian domestic luxury guests are a growing but minority cohort. Lifestyle and travel media coverage in Conde Nast Traveller, Travel + Leisure, Robb Report, and similar publications drives meaningful brand awareness. Financial details for the Indian properties are not separately disclosed. Aman Group SA is privately held with limited public financial disclosure. Industry estimates suggest each Aman property typically generates revenue per available room (RevPAR) of USD 1,200 to USD 2,500 depending on season and location, which translates to annual revenue of USD 15 to USD 30 million per medium-sized property and substantially higher for larger properties. EBITDA margins in ultra-luxury hospitality are typically 25 to 40 percent at the property level before corporate overhead. Recent corporate development at the global Aman level has included significant new property openings (Aman New York at Crown Building in 2022, Aman Tokyo Otemachi opened earlier, Aman Nai Lert Bangkok announced for opening, Amanyangyun in Shanghai, Amanruya in Bodrum) and expanded development pipelines covering Beverly Hills, Niseko, and various secondary markets. The Indian portfolio has not been the focus of recent expansion, with the existing two properties continuing as the flagship Indian Aman presence. Strategy through 2025 to 2030 in India is anchored on three themes. First, continued operation and brand build of the Amanbagh and Aman-i-Khas properties with progressive renovation cycles and product refresh. Second, potential additional Indian property development in select locations (Himalayas, Goa, Kerala backwaters, southern wildlife reserves) although no specific commitments have been publicly announced. Third, partnership with Indian luxury travel agents and wedding planners for the high-end Indian destination wedding segment, which is a meaningful incremental revenue layer particularly during the November to February peak wedding season. The regulatory environment includes the Foreign Direct Investment Policy (which permits 100 percent FDI in the hotel sector under the automatic route), state-level tourism department licences, the Food Safety and Standards Act 2006 administered by FSSAI for restaurant operations, the Excise Act for liquor service licences, state-level luxury tax (replaced under GST), and the Goods and Services Tax framework treating hotel room rates above ₹7,500 at 18 percent. The Companies Act 2013 governs the corporate disclosure for the Indian operating entities. The Wildlife (Protection) Act 1972 framework applies to Aman-i-Khas operations adjacent to Ranthambore Tiger Reserve under the controlled tourism zone provisions. Risks include dependence on international travel volumes which can be affected by geopolitical and pandemic disruption, the luxury hospitality cycle vulnerability to global economic downturns, currency exposure on dollar-denominated pricing translation, regulatory and licensing complexity particularly the wildlife reserve buffer zone rules, and competitive intensity from Six Senses, Belmond, and the upcoming Indian Rosewood and Mandarin Oriental launches. Management quality is anchored by the global Aman Group leadership under Vladislav Doronin's ownership. The Indian properties are managed under hotel management agreements with the local property ownership entity. Statutory audit is conducted under the Companies Act 2013 framework for the Indian operating entity. ESG positioning is moderate to strong within the ultra-luxury hospitality segment. Aman properties are typically designed with locally rooted architecture, native materials, and minimal site disturbance. Wellness positioning supports a guest experience aligned with broader ESG values. Aman-i-Khas operates under conservation-aligned tourism principles adjacent to the Ranthambore Tiger Reserve.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.