- **Advani Hotels & Resorts (India) Ltd is a single-asset luxury hospitality business - it owns and operates just one hotel, the Caravela Beach Resort in South Goa. The company was born in 1987 as a joint venture with Ramada (U.K) Ltd. to build a five-star resort on Colva Beach, and after parting ways with its international partner in 2017, it has thrived under its own ‘Caravela’ brand, steered by a family whose founder brought the first international hotel franchise to India. The recurring approach is owner-management with a fortress balance sheet: the three working directors are hotel professionals who run the resort themselves, avoiding management-contract fees, while a policy of zero debt and at least Rs. 10 crores in liquid reserves acts as a permanent shock absorber for a seasonal business.** # Business segments A single-engine business - one beachfront resort in Goa that earns its keep from rooms, food and events, with every other reported line feeding back into that one property. ## 1. Caravela Beach Resort: a single luxury hotel that is the whole business **A 201-room, five-star-deluxe resort on a 23-acre Goan beachfront, built before coastal rules tightened, now running at over 80% occupancy almost entirely on domestic guests - and it is the company’s only operating asset.** - **Location that cannot be copied** - the resort was built before the High Tide Line was moved further from the sea, so it sits closer to the water than any new project in South Goa legally can, on what is described as one of Asia’s four best beaches. - **Owner-operated, not chain-managed** - all three working directors are hotel professionals, which means the company avoids the expensive management-contract fees that branded chains charge, keeping more of every rupee earned. - **A domestic pivot that worked** - foreign tourists once made up half of revenue; today they account for less than 3%, because the company expanded its sales team across India and now fills the resort with Indian couples, families, and wedding parties. - **The brand pulls the weight** - a valuation report attributes 95% of revenue to the ‘Caravela’ brand, and the resort has been the market leader in South Goa on both Booking.com and Make My Trip for total room nights and total revenue for several years running. - **A base built for expansion** - the 23-acre estate holds roughly 130,000 square metres of available FSI (Floor Space Index), and a new 22,000 sq ft banquet hall has been approved, subject to obtaining the necessary approvals. # Group structure and partners **A standalone, family-run company with no subsidiaries, no debt, and a tightly held promoter group - the Advani family runs the hotel and controls the board.** - The company has no subsidiaries, holding company, associates, or joint ventures; it is a single legal entity listed on the BSE and NSE. - The board is led by Chairman Sunder G. Advani, a hotelier with over 50 years’ experience who brought the Holiday Inn brand to India; his brother Haresh serves as Executive Director and his son Prahlad as Whole-Time Director and CEO. - The company has been debt-free since March 2017 and keeps a policy of maintaining at least Rs. 10 crores in liquid reserves at all times as a de-risking strategy. - A non-promoter entity, Delta Corp, held a 35.60% stake in 2022, while the investor group of Radhakishan Damani crossed the 5% threshold in early 2022.