Bengaluru-based Ferns Estates acquires a luxury hotel in Goa for INR 175 crore, along with an adjacent 2-acre plot for additional suites. Securing a INR 150 crore project loan from Bajaj Finance, they plan to construct high-end suites to meet demand. Chairman Errol Fernandes highlights Goa's dense hotel landscape and Ferns Estates' expansion strategy to add 1,000 keys across diverse locations. This move aims to enhance profitability and market position. In 2023, Indian hotel investments surged to USD 401 million, with HNIs and financial institutions driving activity.
Ferns Estates, a Bengaluru-based hospitality company, recently bought a luxury hotel in Goa with 75 rooms for INR 175 crore. They also got a 2-acre plot to build 75 more rooms. This move aims to meet the high demand for upscale hotels in Goa.
To pay for this, Ferns Estates got a loan of INR 150 crore from Bajaj Finance for 10 years. This money will help them build more luxury rooms next to the hotel, which fits their goal to grow financially stronger in the long run. Errol Fernandes, the Chairman & Managing Director of Rosetta Resorts and Holiday Homes, said this was an important step due to the strong demand for luxury hotels in Goa.
Ferns Estates, known for its Rosetta Resorts and Holiday Homes hotels, plans to expand further after this purchase. They want to add about 1,000 more rooms to their resort portfolio in the next 3-5 years to serve different types of travellers in different places. This shows their commitment to meeting their customers' changing needs and growing in the market.
Goa is a popular tourist spot in India with many hotels. Fernandes mentioned the high number of tourists all year round, leading to a big need for places to stay in Goa. Ferns Estates is using this opportunity to grow and strengthen its position in the hotel industry.
Ferns Estates also plans to grow by getting more properties through leasing or buying them. This strategy shows they are actively looking for chances to expand and diversify in the hotel business.
In 2023, there was a rise in hotel investments in India, reaching USD 401 million. Rich individuals and financial institutions played a vital role in this, showing that it's a good time to invest in hotels. Ferns Estates' purchase fits with this trend, setting them up for more growth and profit in the future.
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