Comments
Muthoot Leisure and Hospitality Services, the hospitality division of the Muthoot Group, has announced the acquisition of Costa Rica’s high-end property — Xandari Resort & Spa. This is the first acquisition by an Indian hospitality company in Central America.
Based in Alajuela, Xandari Resort & Spa becomes the first overseas acquisition by MLHS. The resort was added to the Muthoot Group in December 2013. MLHS has also extended its collaboration with Raxa Collective to manage the property.
The company plans to spend ₹200 crore in the next two years for its expansion plans. The group also plans to scale up its overseas operations by adding more properties in Central America, Africa and Sri Lanka, according to George M. George, Executive Director, MLHS.
The acquisition was part of promoting environment-friendly projects around the world, he said.
Costa Rica is the most visited nation in the Central American region, with 2.2 million foreign visitors in 2011. International tourist receipts rose to $2.4 billion in 2012, and the lead country of origin was the US, followed by Nicaragua and Canada. Ecotourism draws many tourists to visit the extensive national parks and protected areas around the country, he added.
Xandari Resort & Spa is a tropical paradise of 24 individually designed villas nestled on a 40-acre plantation overlooking the central valley of Costa Rica.
MHLS owns seven properties across India and Latin America.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.