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Sterling Holiday plans to add 4-5 new properties in FY18
Vacation ownership and leisure hospitality company Sterling Holiday Resorts is planning to add 4-5 properties with 300-400 rooms in the next fiscal, a top company official has said. \"We are looking at expanding our portfolio
Mumbai: Vacation ownership and leisure hospitality company Sterling Holiday Resorts is planning to add 4-5 properties with 300-400 rooms in the next fiscal, a top company official has said. "We are looking at expanding our portfolio to give wider experience to our customers. In FY18, we expect to add 4-5 properties with an additional 300-400 rooms, taking the total number to 35-36," Sterling Holidays Resorts Managing Director Ramesh Ramanathan told PTI here. These properties are likely to be in scenic locations of Wayanad in Kerala, Mount Abu in Rajasthan, Goa, Kanha and Bandhavgarh in Madhya Pradesh, he added.
Sterling Holidays Resorts currently has 31 properties with 2,100 rooms spread across India. Of the total operational properties, 17 are owned by Sterling Holidays Resorts and the rest are taken on lease. The company is also looking at foraying into international market in three years. "At the moment our focus is the domestic market, which offers huge potential for us to grow. India is going to be a big market for the company. However, going forward we may look at foraying into overseas market, somewhere closer like Sri Lanka, Thailand or Malaysia. We will take a decision in this regard within a year," Ramanathan said.
The company is looking at a combination of both own property or lease depending on the location, he said. "We have a huge land bank of our own and may develop it to expand our portfolio. However, we may also go for lease option if the location is strategic for us," Ramanathan said. The company has a land bank of 250 acres in 15 locations spread across the country. Sterling Holidays Resorts will also look at management contract going forward. "As we are trying to build into a holiday company, we first strengthen our brand and then then look at management contract options," he said. Currently, Sterling Holidays Resorts has 85,000 members. The company, Ramanathan said, is witnessing 20-25 per cent year-on-year growth and is expecting similar level of growth in FY18 as well, he added.
