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Ferns Estates acquires hotel in Goa, to add luxury suites

Monday, 08 Apr 2024
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Bengaluru-based hospitality firm Ferns Estates has acquired a 75-keys luxury hotel in Goa from a local developer for Rs 175 crore. The plan is to construct high-end luxury suites located adjacent to the hotel, on a two-acre plot to cater to the high demand for such formats. 

The company will construct additional 75 keys suites, and has secured a project loan of Rs 150 crore from Bajaj Finance for a 10- year term for the acquisition. It is also planning to expand its resort portfolio by adding about 1,000 keys over the next three to five years. The company has identified potential properties in diverse locations. 

The move is strategic for the company, as it will help to expand its capacity to serve a wide range of travellers, and strengthen its portfolio through a combination of lease and company-owned properties. The density of hotels in Goa, is higher due to the significant influx of tourists in the state. In 2023, hotel investments in India surged to USD 401 million, as reported by JLL. 

In another move, Vikram Aggarwal is in talks to buy three-star Clarion Hotel in Chennai for Rs 180 crore. 

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