Vikram Puri has acquired hotel in Goa for 60 crore
Wednesday, 08 November 2023, 10:49 IST
Archer Hospitality's Managing Director, Vikram Puri, has recently acquired an all-suite hotel in Goa from Sun Estates for approximately Rs 60 crore. The property is located in Candolim and offers suites that are 485 sq ft and larger. After overseeing a single hotel property for over two decades, Puri is now planning to expand the Astor brand. As the Kolkata hotel is a heritage property, the Goa hotel will also be unique. Puri stated that they plan to open more such properties, but did not disclose any financial details of the transaction.
Sun Estates' managing director, Suraj Morajkar, mentioned that the company was in the process of constructing a boutique hotel when Puri approached them with an offer to buy it. After receiving the right offer, they decided to sell the property and plan to develop and sell similar properties to suitable hoteliers. Morajkar has been involved in establishing one of Hilton Group's first resorts in Goa and developing villas for several celebrities, including Neha Dhupia, Chunkey Pandey, Yuvraj Singh, designer Ritu Kumar, Eicher Motors managing director Vikram Lal, Ronit Roy and Jackie Shroff.
Morajkar, a representative of Sun Estates, states that they have strategically purchased land in the right locations, and the development of their projects depends on timing. Their luxury living offerings are suitable for everyone in the market for high-end properties in Goa. Sun Estates has ongoing projects in various areas across North Goa, such as Candolim, Saipem, Nerul, Pilerne, Assagao, Morjim, and Batim. Despite the recent pandemic, there has been a significant rise in demand for holiday homes and hotels. Aditya Kushwaha, the CEO of Axis Corp, predicts that their projects, Axis Blues, Axis Yog Villas, and Axis Lake City Avenue in Goa, will experience a sales increase of at least 30% compared to last year due to the recent surge in demand.
The hospitality industry in India is currently valued at $23.50 billion and is expected to grow at a compound annual growth rate of 4.73%, reaching $29.61 billion by 2028. Hidden Hotel Transactions in India, hotel transactions in India saw a staggering 140% year-on-year increase from January to June 2023, reaching $175 million. In contrast, the entire hospitality sector registered a total deal volume of $73 million throughout 2022, as per JLL’s Hotel Investment Trends report for H1 2023.
Sun Estates' managing director, Suraj Morajkar, mentioned that the company was in the process of constructing a boutique hotel when Puri approached them with an offer to buy it. After receiving the right offer, they decided to sell the property and plan to develop and sell similar properties to suitable hoteliers. Morajkar has been involved in establishing one of Hilton Group's first resorts in Goa and developing villas for several celebrities, including Neha Dhupia, Chunkey Pandey, Yuvraj Singh, designer Ritu Kumar, Eicher Motors managing director Vikram Lal, Ronit Roy and Jackie Shroff.
Morajkar, a representative of Sun Estates, states that they have strategically purchased land in the right locations, and the development of their projects depends on timing. Their luxury living offerings are suitable for everyone in the market for high-end properties in Goa. Sun Estates has ongoing projects in various areas across North Goa, such as Candolim, Saipem, Nerul, Pilerne, Assagao, Morjim, and Batim. Despite the recent pandemic, there has been a significant rise in demand for holiday homes and hotels. Aditya Kushwaha, the CEO of Axis Corp, predicts that their projects, Axis Blues, Axis Yog Villas, and Axis Lake City Avenue in Goa, will experience a sales increase of at least 30% compared to last year due to the recent surge in demand.
The hospitality industry in India is currently valued at $23.50 billion and is expected to grow at a compound annual growth rate of 4.73%, reaching $29.61 billion by 2028. Hidden Hotel Transactions in India, hotel transactions in India saw a staggering 140% year-on-year increase from January to June 2023, reaching $175 million. In contrast, the entire hospitality sector registered a total deal volume of $73 million throughout 2022, as per JLL’s Hotel Investment Trends report for H1 2023.
