Panoramic Group which owns Magic Holidays, a timeshare vacation company, plans to invest over Rs 1280 crore to acquire 64 properties in India and abroad over the next five years, taking the total number of properties that it owns and operates to 100.
Hitesh Kshatriya, chief operating officer, Panoramic Group said, "We have around 36 properties in several locations across India and abroad. Of these, around 24 are in India and the rest are in countries like Thailand and Singapore. We plan to have 100 properties within the next five years, and the rough investment on each property is around Rs 20-25 crore." He added that besides several locations in India, the company is looking at popular destinations in South East Asia and even Europe.
Magic Holidays has recently acquired a property in Gir in Gujarat, and is now close to finalising the deal for two properties, one in Goa and another in Dubai.
The company has around 7,500 members at the moment, of which more than 10 per cent (around 800 members) are from Gujarat.
When asked how the company planned to fund the expansion plan, Kshatriya said, "We plan to fund the expansion from internal accruals. As a group we clocked a turnover of Rs 1500 crore in 2012-13. We have already invested around Rs 600-700 crore in building the network of properties so far."
