Leading hospitality chain, Country Club India Ltd (CCIL), plans to invest around Rs 100 crore this fiscal in its latest venture — Country Club Grand Fractional Ownership Club, a top company official has said. “We will invest about Rs 100 crore in four properties in our new venture (CCGFOC). With this, we will have 55 properties in India and overseas,” the company CEO, Sidharth Y Reddy, said at the launch of its new venture, which will be operational during this year.
Country Club will also start operations of 11 more clubs this year in tier I and II cities. With over 2.25-lakh members worldwide, the BSE-listed hospitality firm has for the first time in India launched a concept that offers members fractional ownership of holiday apartments at diverse locations across the country. The four properties, under this new scheme, would be coming up at Bandipur in Mysore, Medchal near Hyderabad, Tumkur near Bangalore and Kolad near Mumbai, said Reddy.
The fractional ownership concept, which is quite popular in the West, enables a member to co-own and use a holiday home by paying a fraction of amount, Reddy added. Reddy further said that the fractional ownership card is available in three variants such as Silver, Gold and Platinum with rates ranging between Rs 3 lakh and Rs 5 lakh.
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