Ferns Estates, a Bengaluru-based hospitality company, has acquired a 75-room luxury hotel located in the tourism hotspot of Goa from a local developer for INR 175 crore. As part of the deal, they have also obtained a 2-acre adjacent plot with plans to develop an additional 75 suite rooms.
Errol Fernandes, Chairman & Managing Director of Rosetta Resorts and Holiday Homes, said, “The organisation received a project loan of INR 150 crore from Bajaj Finance with a 10-year term to fund their acquisition.” “We want to construct opulent luxury suites next to the hotel in order to capitalise on the robust market demand for such high-end lodging. It is expected that in the long run, this strategic decision would increase the company’s profitability.”
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“The concentration of hotels in Goa, a renowned vacation hotspot in India, is larger than in almost every other part of the country due to the large number of visitors the state attracts throughout the year,” he said.
Ferns Estates, the company behind the Rosetta Resorts and Holiday Homes brand, intends to grow its resort portfolio by adding approximately 1,000 rooms over the next 3-5 years. The company has pinpointed potential properties in various locations for this expansion.
“This strategic decision will not only increase its capacity to serve a broad spectrum of travellers, but also strengthen its market position through a combination of lease and company-owned properties acquired to enrich its portfolio of assets,” Fernandes stated.
According to a JLL analysis, hotel investments in India reached $401 million in 2023, nearly quadrupling the data from 2022. In 2023, financial institutions and high net worth individuals (HNIs) accounted for the highest proportion of hotel investment activities, at 31%.
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