IVR Prime to set up mini resorts

IVR Prime Urban Developers, the real estate arm of Hyderabad-based construction and infrastructure company IVRCL Infrastructures and Projects, is planning to set up mini resorts of 100 to 125 rooms each in 10 locations across the country. The total cost of the project is estimated at Rs 500 crore.

"In a few years down the line, we would be having a 1,000-room hospitality business," IVRCL chairman and managing director, E Sudhir Reddy, told Business Standard, adding that the company had tied-up with Compass Hospitality, Singapore, for operating the resorts.

According to Reddy, IVR Prime, which came out with an initial public offering in 2007, has already acquired the land for building the resorts at Hyderabad, Pune, Bangalore, Chennai, Delhi, Dehradun, Puducherry, Baddi (Himachal Pradesh) and Visakhapatnam. The company will be setting up two resorts each in Chennai and Delhi.

The company recently completed the construction of 'Ella Compas Suites', an all-suites hotel, in the midst of Hyderabad's knowledge corridor at Gachi Bowli. The 120-room hotel is expected to be inaugurated shortly.

IVR Prime's main areas of operation include residential projects, commercial projects and integrated townships.

Its land reserves at present total around 2,850 acres in tier I cities including Chennai, Hyderabad, Pune, Bangalore, Visakhapatnam and Noida. For the quarter ended September 2007, the company clocked a revenue of Rs 45.61 crore and a net profit of Rs 15.93 crore.