Realty firm Axis Ecorp enters hotel biz

Realty firm Axis Ecorp on Wednesday said it has entered into hospitality venture with first property in Uttarakhand and plans to open more than 10 hotels across tourist destinations in the next one year.

Delhi-NCR based Axis Ecorp is into real estate, education, and technology business. The company is developing a large housing project, comprising studio apartments, villas and plots, at Dodamarg in Shindhudurg, Maharashtra. The project is near to the Goa border.

Axis Ecorp has now forayed into hospitality business. The first resort property, under Deefellows brand, is located near Jim Corbett National Park and will be operational from next month. The company plans to expand its presence in all major holiday destinations across Uttarakhand, Uttar Pradesh, Rajasthan, Himachal Pradesh, Kerala, and Goa. It will expand by developing its own properties and also by taking hotels on lease from owners.

In the first year of operations, the company is eyeing to operate resorts in 10-15 holiday locations and generating a revenue of over Rs 50 crore, the statement said. Aditya Kushwaha, CEO and Director Axis Ecorp, said, "Indian hospitality sector made a stellar recovery in 2022. The primary growth engine was domestic tourism." He said the company would aim to tap this rise in demand.