Real estate player Embassy Group’s co-living and hotels brand Olive is looking to expand its presence pan-India and tap into newer markets.
Olive’s current portfolio consists of 3,842 beds and 1,921 keys (properties), spread across 45 locations in Bengaluru, Goa and Mumbai.
“We have a short-term goal of increasing this capacity to 4,500 keys, consisting of 9,000 beds, in the next 12 months,” says Kahraman Yigit, Co-Founder, Olive by Embassy.
Olive runs four brands – Olive Life, Olive Zip, The Olive Hotel and Villa Hotel – catering to everyone from students and budget travelers to affluent travelers and luxury stays.
The company aims to reach a target of 1 lakh keys in the next 10 years.
“We are targeting cities like Hyderabad, Pune, Chennai and Delhi-NCR. We are going to get into the North and East. Right now, our focus is mostly South India and tier 2 cities. In Karnataka, we have seen potential in Mysore, Mangalore, Hubli, Karwar. For leisure destinations we are looking to go to Coorg, Chikmanglur, Sakleshpur. Kerala and Kochi are also big markets for leisure. With that said, we have a lot of work to do. India is a subcontinent and one of the underserved markets. Wherever we go, we want to establish a large operation where we achieve economies of scale, ” explains Yigit.
Olive has 6,634 keys in the pipeline, with many properties in various stages of completion, he adds. These properties also include premium resorts and luxury stays in major leisure destinations of the country.
On Olive’s current share in the Indian co-living space, Yiigit says, “At the moment, out of almost around 4,000 beds, I think we have 600 to 700 beds. We are in the premium end of the segment. About 85 pc of our revenue is coming from short-stay properties and around 15 pc of from co-living and long stays.”
The company is also launching its first-purpose-built hotel, ‘Olive Paragon.’
“Olive Paragon will encompass a hotel, coliving and co-working spaces, a members club, wellness facilities, and dining options in a single location for both short and long stays. This property will open in ITP, Whitefield (Bengaluru). We have plans to tap several other cities with similar concepts,” notes Yigit.
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