Bengaluru-based hospitality firm Ferns Estates has acquired a 75-keys luxury hotel in the tourism hub of Goa from a local developer for ₹175 crore. The deal includes an adjacent 2-acre plot to develop additional 75 keys suites.
“The company has secured a project loan of ₹150 crore from Bajaj Finance for a 10-year term to finance their acquisition. The plan is to construct high-end luxury suites located adjacent to the hotel, given the high demand for such accommodations. This move is expected to enhance the company’s profitability in the long run,” said Errol Fernandes, chairman & managing director, Rosetta Resorts and Holiday Homes, told ET.
“The density of hotels in Goa, a popular tourism hub in India, is higher than in most other regions of the country due to the significant influx of tourists the state receives throughout the year,” he said.
Ferns Estates, which runs Rosetta Resorts and Holiday Homes brand of hotels, is also planning to expand its resort portfolio by adding about 1,000 keys over the next 3-5 years. The company has identified potential properties in diverse locations.
“The strategic move will not only expand its capacity to serve a wide range of travellers, but also enhance its market position through a combination of lease and company-owned properties acquired to enrich its portfolio of assets,” said Fernandes.
In 2023, hotel investments in India surged to $401 million, nearly four times the volumes seen in 2022, as reported by JLL. High net-worth individuals (HNIs) and financial institutions were the main drivers of hotel investment activity in 2023, accounting for the largest share of 31%.
The Clarion Hotel President, situated on Radhakrishnan Salai Road near the city centre and Marina Beach, has 129 rooms.
