Radhe Shyam Saraf, a pioneer in Nepal’s luxury hotels, died on Tuesday. He was 92.

Rani Bang, chief financial controller of Taragaon Regency Hotels Limited, said that Saraf passed away while undergoing treatment at Medanta Hospital in New Delhi, India.

Saraf’s body was brought to Kathmandu on a private plane from New Delhi on Tuesday night.

He was cremated at Pashupati Aryaghat on Wednesday morning.

Saraf was one of the most prominent businessmen to bring foreign investment to Nepal. In 1974, he launched Hotel Yak & Yeti in Kathmandu. The hotel was the first private sector project to be funded by the World Bank in Nepal.

In 1980, Saraf, as the founder promoter of Asian Hotels Limited, initiated the construction of Hyatt Regency in New Delhi. The 550-room hotel was opened to guests for the Asian Games in 1982 with a record completion time of two years.

In 1996, the group launched Grand Hyatt New Delhi (now The Grand, New Delhi), a 400-room project that opened for guests in 2000.

In 1997, the group also began developing Hyatt Regency, Kathmandu. The 40-acre property was the largest private sector development for tourism in Nepal.

Saraf Hotel Enterprises with its partners in Asian Hotels Ltd also completed Hyatt Regency Kolkata and Hyatt Regency Mumbai in 2002.

Asian Hotels Ltd, listed on the Bombay Stock Exchange, demerged in 2010. Thereafter, Saraf Hotel Enterprises took over Asian Hotels (East) Ltd, owning the company of Hyatt Regency Kolkata.

In 2011, the group opened Hyatt Regency Chennai, a 327-room deluxe hotel in the heart of the city. In 2012, Hyatt Place Hampi opened to become the first Hyatt Place outside North America.

“He redefined the concept of quality tourism in Nepal’s hospitality industry by establishing luxury five-star hotels and took the industry to another level,” said Binayak Shah, senior vice president of Hotel Association Nepal.

“He was a tourism entrepreneur with panache and a great visionary,” said Shah.

Saraf was born in 1930 to a business family. His father was a trader and manager of a rice mill in Guwahati, Assam. He started a trading business at a young age of 17 trading with Tibetans across the Himalaya from Kalimpong in West Bengal, India.

He then branched out to Kolkata, Sikkim, Tibet and Bhutan. In 1963, Saraf moved to Kathmandu and in 1969 established a trading office in Hong Kong to trade with Korea, China and Japan.

Lately, Saraf was not keeping well. Bang said he had gone to New Delhi about a month ago for a regular health check-up.

“He died of a cardiac arrest,” said Bang.

Condolence messages have been pouring in from people from various walks of life.

“I am deeply saddened by the sad passing away of veteran hotelier Shri Radhe Shyam Saraf. His contribution to Nepali tourism industry is immense. Heartfelt condolence to the bereaved family,” Nishchal Nath Pandey, director of the Centre for South Asian Studies, a Kathmandu-based think tank, tweeted.

“I am saddened by the demise of the leading entrepreneur and operator of Hotel Yak & Yeti and Hyatt Regency. Heartfelt condolence!” Binod Chaudhary, Nepal's only dollar billionaire, wrote on Facebook.

In recognition for his great contribution to tourism in Nepal, the late King Birendra Bir Bikram Shah Dev had conferred Saraf with the prestigious Gorkha Dakshin Bahu, one of the highest civilian honours of Nepal.

In 2003, former King Gyanendra had conferred the second Gorkha Dakshin Bahu Prabal award on Saraf.

Saraf had a formal education up to Class 8, but his contribution to Nepal’s education system is also immense.

In 1978-79, Saraf founded Modern Indian School in Kathmandu in the rented Surendra Bhaban palace in Sanepa. The school was the first of its kind in Nepal as the only school with an Indian curriculum. In 1992, the school moved to Chobhar and remains a premier institution imparting quality education.

According to Hotel Yak & Yeti website, as of 2019, Saraf Hotel Enterprises has several new projects including Hyatt Regency Ahmedabad with 210 rooms and Andaz New Delhi with 401 rooms and 146 serviced apartments.

Hyatt Regency Lucknow with 208 rooms and Hyatt Regency Guwahati (under construction) with 200 rooms are other projects. The group is also working on a large hotel and convention centre development in Bodhgaya, Bihar.

Saraf Hotel Enterprises is now a conglomerate of eight companies owning 15 hotels in Nepal and India.

He is survived by two sons, three daughters and a wife.