Royal Orchid acquires 50% in Goan resort

Royal Orchid Hotels Ltd has acquired a 50 per cent stake in Goa-based Galaxy Beach Resort, at Utorda in South Goa, for Rs 17 crore. The property is owned by Pune-based Vascon Engineers Private Limited, a real estate firm. The remaining 50 per cent stake will be with Vascon Engineers.

Royal Orchid Hotels Ltd has signed a management contract for operating the property. The company will further invest Rs 10 crore to upgrade the beach resort to the four-star category. The work will be completed by October this year, Chender Baljee, chairman and managing director, Royal Orchid Hotels Limited told Business Standard.

Galaxy Beach Resort is a boutique beach hotel spread over 5.5 acres. It has 65 rooms. "The investment in the Goa property reflects our growth plans. We are keen on improving this hotel and expand our footprint in the coastal tourist destinations across India," he said.