NEW DELHI (INDIA): Boutique resorts chain Aamod Resorts is looking to add 13 properties by the end of 2020 across the country as part of its expansion plans.
The company, which started operations in 2010, currently has 12 properties in India.
“We plan to open 13 more boutique properties by the end of 2020. They will be a mix of the company owned properties and those under management contract”, Aamod Resorts Managing Director Gaurav Jain told .
The new properties will be mainly in central India and south India as the company already has a strong presence in north India.
Outside India, “we are focusing on Sri Lanka as we are already present there and it has huge potential as the market is under-serviced at present. The country also has a good infrastructure”, Jain said.
When asked how the company plans to fund the expansion going forward, Jain said: “As most of the properties will be under the management contract model, our investments will not be very large. Our investment will be mainly on the properties that we would own”.
The company follows an asset light model as it helps in scaling up the operations, he added.
“We are planning for a fund raise by the second half of next year for developing the company owned properties”, Jain said, without disclosing the amount they are planning to raise.
Source: Press Trust of India