Evolve Back Resorts, formerly known as Orange Country Resorts, has drawn up a ₹160 crore expansion plan to increase its inventory by more than 100 keys (rooms) over a period of five years, said a top official.
“For the first time, we are venturing outside Karnataka,” said Jose Ramapuram, executive director, Orange County Resorts & Hotels Ltd. “Two of them will come up in India and two abroad at a cost of ₹160 crore.”
As per the proposal, the first of the property will come up in Mandu, Madhya Pradesh with 26 keys and second one in Kumta in Uttara Kannada district of Karnataka with 42 keys. It calls for a cumulative investment of ₹85 crore.
The company had acquired an existing piece of property at Mandu. Mr. Ramapuram said the refurbished resort would become operational next year. It was based on the ‘palace’ theme similar to that of the resort at Hampi, while the theme for the Kumta beach resort was a local fishing village.
Currently, Evolve Back has 146 keys across Coorg, Kabini and Hampi. They are built based on themes such as the Kodava huts in Coorg, Kuruba tribal huts in Kabini and the Vijayanagar Palace in Hampi. The resorts are located inside a coffee plantation, on the Kabini river bed and at the Hampi world heritage site, respectively.
‘Entering Africa’
“We are entering Africa to set up a wild life based luxury resort. We are acquiring an existing property spread over 30,000 acres having 12 keys with a private game resort. It will be upgraded to 15 keys. Right now, we can’t name the place due to certain restrictions and till we acquire certain permissions. However, it is one of the best-known premium wild life destinations in the world. It also will be ready next year,” he said.
The fourth property in Asia would have 24 keys. Mr. Ramapuram declined to reveal further details as ‘it is still under discussion.”
The expansion plan calls for addition of 107 keys and the funds requirement would be met through a combination of internal accruals and debt.
Besides, Evolve Back is also renovating its Kabini property at a cost of ₹10 crore. “Every 10 years, we keep on renovating our properties,” he said.
Last year, the firm had recorded a revenue of ₹79 crore and would close this year with ₹76 crore, as some rooms in Kabini were closed due to renovation work. Its target is to reach ₹125 crore by March 2020, he said.
