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Praveg Beach Resort, Nagoa Beach, Diu to commence its Operations from May 15, 2024

Posted On: 2024-05-11 22:05:00 (Time Zone: IST)

Praveg Limited, India's premier eco-responsible luxury resorts company, has announced the opening of Praveg Beach Resort at Nagoa Beach, Diu. This marks a pivotal achievement in our vision to deliver unmatched luxury and hospitality experiences. Announced in October last year, this project was rapidly brought to life, commencing operations within just six months - an impressive testament to our efficiency and dedication.

Mr. Vishnu Patel, Chairman of Praveg Limited, expressed his excitement at the inauguration: "We are thrilled to announce the opening of Praveg Beach Resort at Nagoa Beach, Diu, to our guests from May 15, 2024. With its superb location, eco-conscious design, and blend of youthful and experienced team members, this resort is uniquely positioned to offer an unparalleled service to our international and domestic guests."

Praveg Beach Resort, the latest icon of luxury and serenity in Diu, represents the third jewel in our crown of premier properties. Situated along the serene Nagoa Beach, the resort invites guests to immerse themselves in the coastal beauty of Diu. It features 31 beautifully crafted Premium Tents and 4 exquisite dual-bedroom suites, each offering stunning sunset views. Just steps away from the soothing ocean waves, the resort boasts a host of premium amenities including a sparkling swimming pool, expansive event lawns, advanced conference facilities, and exclusive wellness areas.

With the launch of this splendid property, we anticipate an average occupancy rate of 40-50% over the next year, with an expected Average Room Rate (ARR) of INR 7,000 to 9,000. FY24 has been a year marked by robust expansion, and as we step into FY25, we look forward to reaping the benefits of our growth initiatives. Our commitment to increasing our portfolio with more eco-friendly luxury resorts across India is stronger than ever.

The introduction of this resort significantly expands Praveg Limited's presence in the ecoluxury hospitality market, growing our operational portfolio to 12 properties, with 14 more ambitious projects in development. This expansion not only enhances our brand but also sets new benchmarks in luxury hospitality, promising an exciting future for our company and its stakeholders.

Shares of Praveg Ltd was last trading in BSE at Rs. 885.25 as compared to the previous close of Rs. 902.70. The total number of shares traded during the day was 41227 in over 2013 trades.

The stock hit an intraday high of Rs. 916.00 and intraday low of 881.15. The net turnover during the day was Rs. 37032173.00.

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