Radheshyam Saraf, luxury hotel pioneer of Nepal who established Yak & Yeti and Hyatt Regency in Kathmandu, passed away on March 22. He was 92. Born in the city of Guwahati in the Indian state of Assam, Saraf made his name and fortune in Nepal.  

Saraf, who lost his father at the age of 12, entered the world of business after moving to Kalimpong, West Bengal. In 1947, he and his brothers inherited their aunt’s trading business—when Saraf was only 17.

The brothers traveled through the Himalayan region selling goods like clothes, watches, cement and steel to Tibetan traders and customers. They later expanded their trade to Kolkata and Sikkim in India as well as in Bhutan.

Saraf wanted to travel far and wide from a young age. He loved visiting new places and learning about foreign cultures and traditions and had developed a special love for Tibetan culture and language.

In 1963, he moved to Kathmandu, which would become his home for the rest of his life. Within six years of his arrival, Saraf was trading internationally in countries like Korea, China and Japan.

He launched Hotel Yak & Yeti in Kathmandu in 1977, in what was the first World Bank-funded private-sector project in Nepal. Saraf also founded Asian Hotels Ltd. and Saraf Hotel Enterprises, both consortiums involved in hospitality and tourism around the world.

Saraf Hotel Enterprises initiated the opening of Hyatt Regency in New Delhi, India, in 1980. Then, in 1996, the group also launched the construction of The Grand, New Delhi, which was known as Grand Hyatt New Delhi then. The construction of Hyatt Regency, Kathmandu, began in 1997.

The group also opened Hyatt hotels in Mumbai, Kolkata, Chennai and Raipur in India.

In over seven decades of his career, Saraf played a significant role in bringing foreign investment to Nepal through his contributions in hospitality and tourism. He was twice conferred the Gorkha Dakshin Bahu—first by king Birendra and later by king Gyanendra—for his works.

Saraf was a noted educationist as well, founding the Modern Indian School at Chobhar, Kathmandu in 1979. Today, the school is considered one of the best in Kathmandu valley.

Saraf had been suffering from some health issues of late and was being treated at Medanta Hospital in New Delhi, India, where he died of a cardiac arrest. His body was brought to Kathmandu and cremated at the Pashupati Aryaghat.

He is survived by his wife and their two sons and three daughters.

Born: 13 October 1930, Guwahati, India

Death: 22 March 2022, New Delhi, India