‘Hotel will achieve its full potential’ PANAJI: The Taj group will operate the Charles Correa-designed iconic hotel, Cidade de Goa, and an under-construction hotel for 22 years.Owned by the Timblos, a local mining family, Cidade de Goa was the first five-star beach resort by a Goan firm and has 207 rooms.The Taj hotels will also manage by early next year a 299-room hotel, through Indian Hotels Company Ltd, which is currently under construction in the Cidade de Goa complex.The two properties, both owned by Fomento Resorts and Hotels Ltd, are situated near another Indian Hotels property, Ginger, at Dona Paula.Fomento Resorts managing director Anju Timblo said in a statement on Monday that the partnership would help the two companies reach out to more customers.The agreement that gives management of both the Cidade properties to Indian Hotels for 22 years from the day either of the hotels open under the Taj brand, can also be renewed for another 10 years.Indian Hotels is South Asia's largest hospitality group and with Monday's development, it will add 506 rooms to its existing inventory.Indian Hotels opened its first beach resort in Goa in 1974 with the Taj Fort Aguada Resort. Since then, six hotels have been opened in Goa under the Taj brand."With this association and the new development, Cidade de Goa will achieve its full potential and pave the way for a successful and mutually beneficial collaboration for many years to come. Together with IHCL, we look forward to promoting the 'Goan-ness' of Goa," said Timblo.For the financial year ended March 31, 2018, Fomento Resorts made a net profit of Rs 8.2 crore on a turnover of Rs 62.7 crore, while Indian Hotels Company Ltd had a net profit of Rs 147.8 crore on a turnover of Rs 2,639.3 crore.

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