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Mahindra to redefine vacation ownership

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Vacation ownership company Mahindra Holidays & Resorts (MHRIL) will launch “new products” for different age-groups within a family by December to expand its business, said Arun Nanda, the firm’s chairman. “These will add a new dimension to the vacation ownership business in India,” he said, without specifying the details.

Nanda said the company, in its bid to consolidate existing business, is trying to adapt success strategies employed by firms like HDFC Bank and Kotak Mahindra that “paused, consolidated and continued to grow when others just wound up, while some ended up in legal disputes”.

The company is looking to take its membership base from 1.60 lakh to 2 lakh by March-end, 2015, and targeting to expand its 41-property network to 50 resorts by the end of next fiscal.

The new properties, he said, will add close to 1,000 apartments to its existing portfolio of 2,500. The company has added 856 rooms over the last 16 months. While Nanda did not share investment details on room additions, he said the per-key cost is anywhere between Rs 80 lakh and Rs 1 crore.

According to a company official, the company has 10 sites with development potential of which some were part of landbank and a few others were existing properties with potential for room additions. Part of the $15.9 billion Mahindra group, MHRIL currently owns 70% of the 2,500 rooms in its portfolio while the balance is on long-term lease.

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