Milestone Resorts on Wednesday announced its plans to invest close to Rs 500 crore in expanding and upgradation of its hotel properties in Gurgaon and Goa.
Speaking to reporters here during a roadshow, Anubhav Sharma, MD, Milestone Resorts said that it plans to invest Rs 400 crore in three and half years towards upgrading its current resort at Gurgaon into a five star one. It plans to tie up with an international group to run this hotel, he said.
In addition, it was investing Rs 100 crore in Goa towards developing over four properties, including one at Baga river front and Vagator. It recently launched 360 Beach Resort at Candolim in Goa, which is a 12-room resort on the beach.
Through these investments, the group which runs a string of resorts, including Fireball, which is listed in the Guinness Book of Records for hosting the world's longest party, plans to augment its current capacity of 70 rooms to 300 rooms in a time frame of two and a half years, he said.
Milestone Resorts has also launched a unique yacht service, a '44" catamaran,' that is fully equipped with three rooms, salon, barbeque and party deck, to be hired by corporates, individuals for short stays or to travel down to other ports. The yacht, titled Lady M, has recently begun operations two months ago and has received good response.
Source: Economic Times, 14 May, 2008
