Financial Daily from THE HINDU group of publications
Monday, Oct 21, 2002
Variety - Resorts & Amusement Parks
Dev group sets up Shelter beach resort
CHENNAI, Oct. 20
SHELTER Beach Resort, a three-star beach property along the East Coast Road (ECR), is targeting conferences and incentives market.
Set up at a cost of Rs 4.5 crore, this is the second hotel set up by the Dev Group of companies.
According to Mr P.G.Venugopal, Chairman, Dev Group, the funding is through debt and internal accruals.
The company has borrowed Rs 83 lakh from Indian Bank for this project, he said.
Besides three conference rooms, the resort has five cottages, 32 rooms and 4 poolside cabanas.
The resort has a swimming pool, health club, permit room and restaurant.
The company's first hotel is situated in Mylapore and is in the three-star category.
The Dev Group, which has interest in real estate, has around 41 lakh square meters built up space.
Besides this, the group has a presence in two wheeler dealerships Lakshmi Motors for Yamaha and Easwari Motors for Kinetic Honda.
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