Mahindra Holidays to add 700 units in 3 years

Company has lined up both green field and brown field projects

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Mahindra Holidays & Resorts India Ltd (MHRIL), the leisure and hospitality arm of $16.9 billion Mahindra Group, will add 700 units in the next 2-3 years. It would cost around Rs 525 crore for the proposed expansion.

Kavinder Singh, managing director & CEO, MHRIL said that the company lined up both green field and brown field projects.

The green field projects including one in Shimla, Goa and Himachal Pradesh. The brownfield projects will come up in Kerala and Shimla.

The company has 2891 rooms in its inventory, of which 409 rooms were added in 2014-15 and 75 in the first quarter ended June 2015. Singh said occupancy ratio is around 82% of the resorts.

The company has customer base of 1.86 lakh members in two decades and offers 46 resorts across India and abroad. Singh noted 65% of the resorts are owned, while the balance are leased.

In fiscal 2015, MHRIL added resorts in Manali and Kanha. The company also acquired 23.32% in a leading European vacation ownership company Holiday Resorts Oy, Finland.

In June 2015, the company approved the exercise of its option to increase its stake in Finland company upto 88% from 23%. The deal is expected to be completed in 2-3 months time frame.