Mahindra Holidays & Resorts is investing ₹500 crore in the next two years to build nine additional resorts across the country. Last year, it added new resorts in places such as Manali and Ganapatiphule and has now added Kanha in Madhya Pradesh as its latest destination. It has also recently won a public private partnership bid to develop a resort in the Sundarbans in West Bengal.
At a press conference, Kavinder Singh, Managing Director & Chief Executive Officer, Mahindra Holidays & Resorts, said: “The vacation ownership category is currently at ₹1,250 crore and has the potential to reach ₹5,400 crore. We are witnessing occupancies at 85 per cent at our resorts in places such as Goa and Kerala.”
It is also for the first time that the vacation ownership company is building a property on government-owned land in West Bengal. “Sunderbans is the first time that we will be building a resort on government-earmarked tourism zone. The West Bengal Government has allocated 5 acres of land to develop an eco-friendly property,” added Singh.
However the slowdown in the hospitality industry has also taken its toll on the vacation ownership category. “The addition of new members have slowed but not occupancies,” he said. The company has 42 properties in India with a customer base of 178,000 members.
Having picked up a 23-per cent stake last year in Finnish company Holiday Club Resort, the members of Mahindra Resorts will be offered its resorts on payment of an exchange fee.