Rosetta by Ferns CMD Errol Fernandes says they’d be following an asset-light mannequin with 25% personal properties and 75% leased or managed properties.
Luxury resort operator Rosetta by Ferns, which is eyeing a listing of 500 keys (rooms) by 2028, has began scouting for properties in Kerala and Tamil Nadu.
“Currently, we have a 128 key luxury resorts in Sakleshpur, Karnataka. Very soon, we will be foraying into South Goa, followed by Waynad and Ooty apart from expanding in Karnataka,” stated Errol Fernandes, CMD in an interview with The Hindu.
As per the plan, Rosetta can be including 100 keys annually over the subsequent 5 years.
The Bengaluru-based agency is scouting for land in Bandipur, Waynad, Kabini and Ooty both for outright buy, lease or administration and has initiated talks. Ooty will develop into operational in FY25 and Wayanad resort by finish 2024.
“Going forward, we would like to follow an asset-light model. At the end of the day, it will be 25% our own property and 75% leased or managed by us,” he stated.
A five-star resort will come up in South Goa by October with 100 keys and a boutique in Chikkaballapur by December 2024 with 60 keys. Resorts or villas will come up in Coorg, Kolar and Sakleshpur.
“We are the only player in the organised sector from the South to combine real estate with leisure living. Our plan is to build resorts along with holiday homes (villas) about three hours or 200 km from the main cities. Hence, we have chosen places such as Bandipur, Kabini, Waynad, Ooty and Coorg,” he stated.
Rosetta will supply two units of selection for its prospects. Either they’ll purchase timeshare for ₹5 lakh or unique villas for ₹1.5-5 crore.
“Right now, the occupancy rate in Sakleshpur is 55% and once it touches 75%, we will add another 76 keys there. We have acquired a huge property in Saklespur for the second property to house 50 villas,” he stated.
Asked in regards to the funding, he stated that it might be met by means of inside accruals and borrowings. “We might approach private equity [players] once we touch 500 keys. IPO might happen after we cross 1,000 keys,” he stated.
Mr. Fernandes additionally stated they have been growing gated communities unfold throughout 37 lakh sq. ft in Karnataka, flats of 30 lakh sq. ft and workplace area of 13.5 lakh sq.ft in Bengaluru.
