Chennai-based hospitality company Hotel Radha Pvt Ltd, which operates a resort in Mahabalipuram under the brand Chariot Beach Resort, is planning to expand its horizon with more resorts in Tamil Nadu and Puducherry. “We are planning four resorts in Puducherry, Kumbakonam, Madurai and Coimbatore,” said Mr R. Ravi, Managing Director of the company.
The company has already identified a 12-acre land in Puducherry and proposes a 40-key resort there. It is on the look out for similar parcels of land in three other cities, he said. According to Mr Ravi, this would involve an investment of Rs 65-70 crore “which will be funded by selling the company's 40-acre land on Old Mahabalipuram Road”.
Besides, the company, in its existing 40-acre, 70-key property on East Coast Road, has added an activity centre with infrastructure for adventure sports, such as swing-walk, parallel rope, Tarzan swing archery and rifle range. With this facility, it now targets the corporate world, “as this will facilitate employee engagement and improve team dynamics among them”.
So far, the company has invested Rs 40 crore in developing this activity centre. Of this, promoters equity is Rs 30 crore and the remaining Rs 10 crore was through debt, said Mr Ravi.