KOCHI: It seems that the magnificent building complex of Fertilisers and Chemicals Travancore (FACT) and the lush greenery surrounding it with a beautiful lake are not enough to catch the fancy of investors.
Efforts by the loss-making public sector company to earn extra income by leasing out its Ambalamedu guesthouse are yet to bear fruit. With no major companies in the hospitality sector evincing 'interest' in the tender invited to lease the property, the FACT management has decided to extend the deadline for submitting Expression of Interest until May 31.
The management had expected a positive response from big brands in the country's hospitality sector. The plan is to lease out the guesthouse and the 30-acre land surrounding it, with access to the lake, on a renewable lease agreement for 30 years. The company expects a monthly income of `1 crore from the lease. Meanwhile, it is reliably learnt that only five lesser known companies had submitted proposal in response to the tender invited by the company in March, for which the deadline was April 30.
Blend of Modern and Traditional
Located inside 1,600 acres of natural forest, the 50,908-sqft Ambalamedu guesthouse is a magnificent building complex that is a synthesis of the modern and traditional architecture of Kerala. The 48-room guesthouse, which has two suites and two auditoriums, is built on a 40-acre island surrounded by an artificial lake of around 165-acre area.
The location of the guesthouse, built on the campus of the FACT Cochin Division, creates the feeling of staying in the forest, while being close to urban amenities. The facility is around 35 km away from the Cochin International Airport and 16 km from the Ernakulam railway station.
Vacant for Long
Inaugurated in 1970, the guesthouse has been lying vacant and idle most of the time, except for occasional in-house industrial seminars and workshops.
It is not the first time the FACT management is attempting to lease out the Ambalamedu guesthouse. Though the management had invited an Expression of Interest a few years ago, not many showed interest in it. The main dampener was the short lease period.
The ambience created by the natural greenery of densely wooded landscape surrounding the building makes it ideal for camping and trekking. The guesthouse can be developed into a hotel resort, therapeutic retreat, rehabilitation/rejuvenation centre, holiday retreat, spa resort or a corporate/VIP guesthouse,” said FACT authorities.