Sun Estates Developers, a hospitality developer in India, is set to expand into Goa with an investment plan of about Rs10bn ($120m), The Economic Times reported.
This initiative includes the development of seven hotels and 500 branded all-suite service apartments.
The company’s expansion strategy will focus on North Goa. Each hotel will offer a minimum of 75 to 80 keys and will be located within 800 to 900m from the beach.
These properties will feature amenities such as outsourced restaurants, spas, and gyms, and will be operated by major hotel chains.
The all-suite service apartments, ranging from 800ft² to 850ft², will be available for individual purchase, with the option of attractive rental agreements for 20 years.
This provides an opportunity for investors seeking long-term revenue.
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By GlobalDataAdditionally, Sun Estates Developers plans to introduce ten boutique mansions, each with 20 to 25 keys, offering services such as private swimming pools and jacuzzis.
The company’s portfolio will further include five-star luxury hotels offering 300 keys, with 150 keys providing ocean views.
These hotels will comprise facilities such as ballrooms and casinos.
To facilitate the land acquisition for these projects, Sun Estates Developers is considering the creation of special purpose vehicles (SPVs), allowing investors to participate directly in the development.
With a projected completion timeline of three to three and a half years, the new ventures are expected to generate revenues of Rs3bn ($36m) in their first year of operation.
The Economic Times quoted Sun Estates Developers managing director Suraj Morajkar as saying: “We are thrilled to unveil our extensive plans for hospitality expansion in Goa. With our track record of success and commitment to excellence, we are confident that these projects will set new benchmarks in luxury hospitality, further enhancing Goa’s appeal as a premier tourist destination.”
“We are already in an advanced stage of talks with investors and evaluating the received proposals for raising funds. The company’s commitment to securing strategic investments underscores its dedication to fuelling growth and innovation in the hospitality sector, ensuring the successful realisation of its ambitious vision for Goa’s tourism landscape.”
