Hyderabad-based Country Club Ltd. is gearing up to broaden its portfolio by acquiring properties in key locations like Dubai and Bangkok. Sources familiar with the developments have revealed to Business Line that the company is currently engaged in advanced negotiations to purchase an existing hotel property in Dubai. The estimated price for the property is approximately two hundred crore. To facilitate this purchase, the firm may consider loans from local banks covering up to seventy-five percent of the overall cost.
In an inquiry about the deal, Mr. Y. Rajeev Reddy, the Chairman and Managing Director of Country Club, declined to provide any detailed comments, simply stating, “We are in an acquisition spree, and that is all I can say at present.”
Recently, the company successfully mobilized Rs 486 crore through a GDR/QIP issue, priced at Rs 770 per share. Prominent institutions such as Fidelity Investment, Goldman Sachs, and New Vernon acquired stakes of 9.88%, 6.59%, and 4.94%, respectively. Of the funds raised, Country Club has already invested around one hundred twenty-five crore into acquiring properties across various cities over the last few months. The latest acquisition involved a three-acre property with a built-up area of 40,000 sq. ft on East Coast Road, Chennai, for a consideration of sixteen crore.
Prior to this, the company successfully took over an existing club located in Khandivili West, Mumbai, for Rs 25 crore. Looking ahead, Country Club plans to allocate an additional thirty crore for further development and modernization of its newly acquired properties.