Mahindra Holidays And Resorts To Invest Rs 1,200 Crore To Add 1,500 Rooms Over Next Four Years

by Swarajya Staff - Apr 1, 2021 01:34 PM +05:30 IST
Mahindra Holidays And Resorts To Invest Rs 1,200 Crore To Add 1,500 Rooms Over Next Four YearsMahindra resort at Netrang in Gujarat (Club Mahindra)

Despite the Covid-19 pandemic that severely hit the hospitality sector, Mahindra Holidays and Resorts India plans to invest around Rs 1,200 crore over the next three to four years.

The chain which opened 10 new resorts in fiscal 2021 plans to add 1,500 rooms in its portfolio. In this financial year, it expanded its presence to the Andamans, Goa and Kerala. It is also looking at new partnerships in international markets such as London, Phuket and Bali.

Mahindra Holidays and Resorts currently has 79 resorts in its portfolio out of which 69 are in India. It has affiliate tie-ups with hotel chains and other brands in markets such as the US, reports The Economic Times.

“The biggest problem in the hospitality businesses is debt and occupancy. Our occupancies in December touched 85 per cent and were 87 per cent, 84 per cent and above 80 per cent in January, February and March. We have a member base of 2,63,000-plus. The fact that we have zero debt on our books also helps matters. We don’t need any debt or loans to grow our business,” Mahindra Holidays & Resorts India chief executive Kavinder Singh said.

“Despite most of our resorts being shut in April, May and June. We grew cash, we delivered 63 per cent growth in profit after tax in the nine-month period (through December). From Rs 20-odd crore five years ago, we were hovering at around Rs 848 crore in December. We have grown cash. Our profit growth has been 24 per cent CAGR over the last five years. We have added members,” he said.

“India has so much to offer. And that is where our sweet spot is. We were known for creating destinations such as Madikeri, Kumbhalgarh and Binsar and are now on a similar track,” he added.

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.

Latest Articles

    Artboard 4Created with Sketch.