Goemkapronn desk
PANAJI:
Sun Estates Developers has announced its foray into the hospitality sector with a grand vision for Goa. The company is planning to invest close to Rs 1000 crore to introduce a series of hospitality projects, aimed at elevating the tourism experience in one of India’s most sought-after destinations.
Building on the success of its recent ventures, including the acquisition by Astor’s hotel, Sun Estates Developers is excited to unveil its latest project – the launch of 500 keys branded all-suite service apartments. This marks the beginning of a larger initiative, which will see the development of seven hotels, strategically located within North Goa, each boasting a minimum of 75 to 80 keys and situated within 800 to 900 meters from the beach.
Each hotel within this expansive project will feature an outsourced restaurant, spa, and gym, and will be operated by major branded hotel chains with extensive distribution networks. The service apartments, designed by internationally renowned architects, will offer units ranging from 800 to 850 sqft, providing ample space and comfort for guests. These units will be available for purchase by individuals, with attractive rentals for 10 + 10 years, ensuring a steady stream of revenue for investors.
In addition to the service apartments, Sun Estates Developers plans to introduce 10 boutique mansions, each offering 20 to 25 keys and personalized services. These boutique accommodations will be strategically located amidst the picturesque backdrop of Goa’s landscapes, including backwaters, ocean views, salt pans, and paddy fields.
Further expanding its portfolio, Sun Estates Developers aims to introduce 300 keys of five-star luxury hotels, with 150 keys each offering breathtaking ocean views. These hotels will feature state-of-the-art amenities, including ballrooms, gyms, spas, and even a casino, promising guests an unparalleled experience of opulence and relaxation.
Sun Estates Developers is also exploring innovative avenues for land acquisition of these projects. The company is looking at creating project-level Special Purpose Vehicles (SPVs) for land acquisition, wherein investors could participate in this growth story by becoming a part of the SPV. Sun Estates Developers will act as the developer for these SPVs, ensuring seamless execution and maximizing returns for all stakeholders involved.
With an estimated timeline of 36 to 40 months for completion, these projects are poised to generate Rs 300 cr revenue in the first year of operations.
Commenting on the venture, Suraj Morajkar, MD of Sun Estates Developers, said, “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 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 fueling growth and innovation in the hospitality sector, ensuring the successful realization of its ambitious vision for Goa’s tourism landscape,” added Morajkar.
Sun Estates Developers boasts of a rich legacy of delivering properties across various segments, including the Hilton Resort, Sol De Goa, and other projects. (Financial Express)
