The Group is also looking to start work on its third property by early next year.
“We opened our first property 150 room five star Resort Rio in 2010, exactly six years ago. We are officially launching second property Rio Royale, a 60-room hotel on August 14, this year. The third property will come up by February-March 2017 which will make us the largest in terms of rooms in Goan market,” Anup Shah, Managing Director, Rio Group of Hotels, told on Thursday.
The hotel chain owned by UK-based Shah said group’s second property Resort Royale has been developed with an investment of Rs 60 crore at Arpora village.
“We have 60 rooms and all of them are suites. The idea is to give high-end luxury experience to guests. If things work out properly, we are hopeful of starting a new one by February-March 2017. It will take 18 months to construct. Our focus is to have 300 rooms between Resort Rio, Rio Royale and Rio banquet. We hope to be the largest in Goa,” he said.
The firm has projected a turnover of Rs 50 crore for the current fiscal, considering the addition of second property to the group.
“Our turnover growth is 35 per cent and profitability is 40 per cent. We will be making Rs 15 crore net profit which will be invested in creating the third property,” Shah said.
Beside its third project, the group is also working on another 30-room boutique hotel at Verem in North Goa, which is being planned to be launched in August next year. And another mega hotel with 300 rooms is proposed in Mapusa town, added Shah.
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