Disha Direct forays into hospitality biz

Jan 20 2012, 00:26 IST
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SummaryDisha Direct said it plans to invest Rs 300 crore to open 30 resorts in Maharashtra over five years.

Real estate marketing company Disha Direct announced its foray into the hospitality and leisure industry and said it plans to invest Rs 300 crore to open 30 resorts in Maharashtra over five years.

"The hospitality industry, which is expected to grow by 9 per cent till 2018, provides huge potential. We want to be in the affordable (3-4 stars) segment," Greenarth Leisure Managing Director and CEO Santosh Naik told reporters here.

Greenarth Leisure is Disha Direct Group's hospitality division. "We are planning five resorts this year and 30 by 2015 across Maharashtra," he said.

Greenarth has already launched its first resort, 'Greenarth Lakeview', at Vikramgad, about 100 km from here.

"Our resorts will be a combination of club, time share and holiday," he said, adding that the company is looking forward to collaboration with international companies for timeshare in a similar segment.

The company plans to invest Rs 300 on this venture and the funds will be raised through internal accruals, Naik said.

Initially, the company will focus on opening resorts which are within two to three hours' drive from Mumbai and offer options for a weekend break, he said.

The company, he said, is aiming for 5,000 members by December. "We don't want excess memberships," he added.

The firm will have 25-30 rooms per resort and in five years, it expects to have around 1,500 rooms, giving employment to 3,000 people, he said.

"About 50 per cent of our workforce are from the local vicinity," Naik said.

"After establishing ourselves in Maharashtra, we will consider expanding to neighbouring states like Karnataka, Gujarat and Goa," he added.

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