Mahindra Holidays would spend Rs 1,000 crore to construct resorts in Uttarakhand

15 Sep 2023 , 10:31 AM

On September 14, the Uttarakhand government and the hospitality company Mahindra Holidays & Resorts (MHRIL) inked a memorandum of understanding (MOU) for the construction of resorts in the state. According to a press release from the company, four to five resorts will be built under the company’s main brand, Club Mahindra, with a total investment of Rs 1,000 crore.

Through the construction of the new resorts, Mahindra Holidays intends to support the Uttarakhand government as a strategic partner of the state.

According to the business, this is MHRIL’s largest investment in any state in the nation. With this investment, Club Mahindra, which currently has properties in Jim Corbett, Mussoorie, Kanatal, and Binsar, will more than treble Mahindra Holidays & properties’ presence in Uttarakhand.

It was also said that it was a component of the company’s ambitious ambition to grow from 5,000 to 10,000 keys by 2030. With 143 resorts worldwide, 82 of which are in India, MHRIL has more than 2,86,000 member families.

According to Kavinder Singh, Managing Director & Chief Executive Officer of Mahindra Holidays & Resorts India Ltd., ‘We see huge opportunity in Uttarakhand and our planned investment reflects not only our confidence in the state’s potential but also our commitment to contributing to its economic growth while at the same time creating memorable vacation experiences for our growing base of members.’

In the June quarter of the fiscal year 2024, the company earned Rs 92 crore, which was its highest-ever resort revenue. According to Singh, the company’s 5,000 more rooms and over 90% occupancy helped it record its highest-ever resort income in Q1 FY24.

Additionally, the business posted its highest-ever overall revenue of Rs 355 crore. Its membership sales value increased by 21% YoY to Rs 177 crore, and its member additions were up 23% year over year (YoY) to 4,696.

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