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Magic Holidays on Friday said it will increase the number of properties in India from the current 37 to 100 in the next five years, making it the largest timeshare vacations provider in the country.
All the resorts of the company, part of the 50-year-old Panoramic Group, are owned and operated by the Group, adding to the element of trust associated with it, Hitesh Kshatriya, Chief Operating Officer, told reporters here.
On an average, each room added costs between Rs 70 lakh and Rs 1 crore. Each property acquired has about 25-30 rooms. The company, which recently opened a resort at Gir in Gujarat, and acquired properties in Lonavala, Kollam and Hyderabad, said it would finance such acquisitions through internal accruals.
Magic Holidays, which has so far invested nearly Rs 700 crore on these properties across India, currently has 750 rooms available in India and abroad. Its Goa property will open next month.
Kshatriya said the company plans to increase its timeshare membership from the current 7,500 to 35,000 in the next five years.
Asked about the impact of the current economic situation on the tourism sector, he said business travel occupancy has reduced by 55-60 per cent, but the timeshare segment is affordable.
Panoramic Group’s turnover last year was Rs 1,500 crore, he said.
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