|Country Club bets big on Sri Lanka
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|Author:||Angela [ Thu Feb 09, 2006 1:36 am ]|
|Post subject:||Country Club bets big on Sri Lanka|
Country Club bets big on Sri Lanka
© Copyright Indian Express
Hyderabad-based Country Club India Ltd (CCIL) is all set to make a splash in neighbouring Sri Lanka with plans to set up five properties in the island-nation in the next three to four years. It has already signed an MoU with the Dutch promoter of Babylon Resort Hotels (Pvt) Ltd Mental Dhio to acquire the property located in the city of Kandy.
To penetrate the international club and leisure business, CCIL has acquired the RCI-affiliated Babylon Resort in Sri Lanka for Rs 5.8 crore. By 2010, it plans to add another four properties to the its portfolio. Acquiring, renovating and refurbishing these properties will entail an investment of Rs 100 crore. The company expects to fund the expansion through a mix of internal accruals and debt funding.
Babylon property is an all-suite resort featuring 30-suites measuring 800 square feet each. With a built-up area of 45,000 square feet, the promoters are also looking at increasing the present inventory by 30 suites. The company has an asset base of Rs 500 crore, comprising a host of properties across the country and a four-star hotel in Hyderabad. CCIL currently holds 150,000 members and over one million families under its club brand.
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