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| Mahindra Holidays to double room inventory |
| BS Reporter / Chennai Sep 30, 2008, 00:34 IST |
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Mahindra Holidays & Resorts India Limited (MHRIL), on Monday announced that it will double its inventory through a combination of acquisitions, construction of new properties and expansion of existing properties.
With these plans in progress, the company’s room inventory is expected to double to over 1,500 apartments.
A release from the company said that this expansion was in line with the rapid growth in membership. Mahindra Holidays currently has 85,000 families as members, which is expected to go up to 100,000 by March 2009.
The company, promoted by the Mahindra Group, has been growing with a topline compound annual growth rate (CAGR) of 52 per cent, the release said.
Ramesh Ramanathan, managing director of MHRIL, said, “Our pan-India network of 30 resorts offers a diverse range of holiday experiences varying from beach holidays to hill stations and jungle resorts. We took the decision to double our capacity base to 1,500 apartments to cater to our rapidly increasing member base and the addition of six new resort locations will significantly enhance the holiday options for our members.”
The company, during this financial year, has increased its inventory through a combination of property acquisition, leases and existing property expansions. It has also purchased land in several destinations for the development of greenfield resorts.
Club Mahindra has acquired a large and exclusive heritage property with art déco style interiors at Ooty, Tamil Nadu, which is currently being refurbished with the expertise of a conservation architect and an internationally-acclaimed landscape architect, to become a 90-apartment heritage property situated at a prime location overlooking the race course.
The company has further enhanced its pan-India presence with the addition of three greenfield resort locations at Corbett in Uttarakhand, Tungi in Maharashtra and Theog in Himachal Pradesh.
The company has further added three new leased locations for its members at Yercaud and Masinagudi in Tamil Nadu and Naukuchiatal in Uttarakhand.
Of these, Masinagudi and Naukuchiatal are fully managed and operated by Mahindra Holidays.
Mahindra Holidays has also aggressively enhanced room inventory in its existing resorts at Pondicherry, Coorg, Binsar, Kumbhalgarh and Ashtamudi, all of which will further help MHRIL augment its leadership position within the leisure hospitality industry.
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