Goa’s Mopa airport inks two hotel deals

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₹10.65 crore per hotel and ₹1.8 crore every year as annual licensing fees. Approximately 153,000 sq.ft. of development can be done on each parcel of 2.13 acres.

In the first phase, at each hotel, about 100 rooms will be developed and operational by the middle of 2024, while the second phase with another 100 rooms or so will be ready by the middle of 2026. The airport is built on a public-private partnership model, on a design, build, finance, operate and transfer basis. GGIAL is a subsidiary of GMR Airports Ltd.

The company had stipulated that only bidders with a turnover of ₹100 crore could apply to develop hotels. “Seeing that there has been a very good growth story in Goa in terms of both the real estate as well as hotels occupancies and rates, it is expected that the new hotel supply should not have a problem getting absorbed," said Samir Jasuja, founder and chief executive officer of real estate analytics platform, PropEquity. Hotels have reported an increase in average room rates of 30-40% since before the pandemic, Jasuja said.

He estimates that these hotels could take up to three years to come up from the time they are announced and could command about ₹8,000- 10,000 per room night, despite being located at the airport. They would likely have an annual average occupancy of about 60% and could become suitable venues for MICE events, as many more hotels are expected in the area, he added. Mint has learnt that the consultancy which is facilitating the hotels project is commercial real estate firm JLL India.

Mails sent to JLL did not receive a response till press time. The move makes sense for Accor, which runs the Ibis, Novotel, and Sofitel hotels in India. The French multinational hotel company recently told Mint