Ferns Estates & Developers to enter hospitality biz with Rs 700 cr investment
Bengaluru-based realty firm Ferns Estates & Developers has forayed into hospitality business and will invest Rs 700 crore over the next three years to construct five resorts in Karnataka and Tamil Nadu, its top official said.
The company has already delivered 23 real estate projects - 15 million sq ft area. It is developing 3.3 million sq ft area across four projects, one of which is in partnership with Prestige group. "We are entering into resort and leisure hospitality through new company 'Rosetta by Ferns' as there is huge opportunity in this business. We are introducing luxury timeshare as well," said Jai Sreedhar, Joint MD and CEO, Ferns Estates & Developers. The company would build five resorts, having 500 keys, at locations easily accessible from Bengaluru, he added.
The construction of first resort, spread over 100 acre and 100 rooms, in Sakleshpur has started and the facility would open in September 2019. The second 50-acre resort would be build in Chikkaballapur having 60 keys. "The three resorts at Coorg, Bandipur and Yercaud are at planning stage. All the five resorts will be company-owned and company-operated," Sreedhar said.