Thursday 18 Apr 2024

All-clear for Rs 400 cr hotel project in Cavelossim

THE GOAN NETWORK | APRIL 04, 2024, 01:41 AM IST

PANAJI
The hospitality arm of the Oberoi Group, EIH, has announced that it has received approvals to construct its new luxury resort at Cavelossim in South Goa, involving an investment of a whopping Rs 412 crore.

The resort is planned to come up on a land parcel of approximately 52 acres with a target of completing and making it operational by October 1, 2027. It will be a 90-room and suite property which will cater to both international as well as domestic travellers.

These disclosures were made in a filing to the stock exchanges by EIH whose shares opened this week with a surge of almost 8 per cent.

The EIH's board of directors had cleared the investment in Cavelossim on March 28, the same day it also inked another hotel management agreement for its Oberoi Resort at Bogmalo again in South Goa.

The Oberois were one of the earliest investors in the starred hotel surge through their Bogmalo property in the early days of Goa's tourism growth trajectory of the 1980s which coincided with the famed Commonwealth Heads of Government meet (CHOGM) retreat.

The company owns and operates several hotels and resorts under its prestigious ‘Oberoi’ and ‘Trident’ brands both in the country as well as overseas.

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