Mahindra Holidays to invest Rs 500 crore in 2 years

Mahindra Group's leisure and hospitality arm Mahindra Holidays will invest Rs 500 crore to add 500 rooms in seven to eight new locations over the next couple of years, a top company executive said today.

"As of now, we have 2,515 rooms across 41 properties within the country and abroad. We are now planning to add 500 new rooms with an investment of Rs 500 crore over the next couple of years," Mahindra Holidays managing director and chief executive Kavinder Singh told reporters here.

The company also announced the launch of its Club Mahindra Kanha, a wildlife resort in Madhya Pradesh.

The company has already added 466 rooms during last couple of years and currently has a membership base of 1,78,000. The occupancy rate at some of the properties is 83% during peak holiday season, he said.

The company has also bagged the contract to develop a property at Sunderbans in Bengal.

Regarding Club Mahindra Kanha Singh said: "It is the company's fifth wildlife resort. It is spread across 15 acres and has 50 rooms."

The company had acquired 18.8 per cent stake in Finland-based Holiday Club Resorts last year and is not looking for any more acquisition at the moment.

"We already acquired Holiday Club Resorts last year and we don't have any immediate plans for any further such acquisitions," he said.