Club Med in talks to set up resort in India
Club Med, the e1.6-billion French vacation resort company, has outlined its plans to set up a resort in India.
By Ritwik Donde, TNN |
ALBION, MAURITIUS: Club Med, the e1.6-billion French vacation resort company, has outlined its plans to set up a resort in India. The company, synonymous with the ‘all-inclusive holiday’ concept at exotic locations around the world, is in talks with Indian developers for a potential partnership.
Speaking about India roadmap, Club Med chairman and CEO, Henri Giscard d’Estaing said, “We are looking at India not only as a market, but also as a destination for one of our resort chains. India is an ideal location to have a Club Med as it would only attract large number of European as well as Asian tourists due to its strategic location.” The company has reportedly zeroed in on a coastal city in South-East India.
“We are looking at replicating our global partnership model in India,” Mr Estaing said. The firm is evaluating its options for a JV in India like in Morocco. It’s tied up with Caisse des Depots, Société Hôtelière El Riad and European Investment Bank to float a realty firm which operates and runs its operations in Morocco. “But before starting a resort in India, it is important to build a brand presence,” Mr Estaing said.
Meanwhile, the French company announced the launch of first of its upper crust resorts in Mauritius. Called La Plantation d’Albion, the resort is its second property in the country. Club Med, with partners BEI, Orascom and the State Bank of Mauritius, has invested around 20 million euro in the project while 30 million euro came from loans and shareholders. The company is re-developing its property in Marrakech and its sailing ship ‘Club Med 2’, besides building resorts in Sicily and Vietnam.
The plan is to shift focus to build and develop four and five star properties for upscale customers. “Club Med would be primarily targeting the top 2% revenue earners in countries like India and China under its new focus for upscale customers,” said Caroline Puechoultres, president and CEO (Asia-Pacific).
The company recently invested nearly 1 billion euro to develop 70 properties, including 20 new ones. The group has shut down some 65 locations as part of its new strategy.
Speaking about India roadmap, Club Med chairman and CEO, Henri Giscard d’Estaing said, “We are looking at India not only as a market, but also as a destination for one of our resort chains. India is an ideal location to have a Club Med as it would only attract large number of European as well as Asian tourists due to its strategic location.” The company has reportedly zeroed in on a coastal city in South-East India.
“We are looking at replicating our global partnership model in India,” Mr Estaing said. The firm is evaluating its options for a JV in India like in Morocco. It’s tied up with Caisse des Depots, Société Hôtelière El Riad and European Investment Bank to float a realty firm which operates and runs its operations in Morocco. “But before starting a resort in India, it is important to build a brand presence,” Mr Estaing said.
Meanwhile, the French company announced the launch of first of its upper crust resorts in Mauritius. Called La Plantation d’Albion, the resort is its second property in the country. Club Med, with partners BEI, Orascom and the State Bank of Mauritius, has invested around 20 million euro in the project while 30 million euro came from loans and shareholders. The company is re-developing its property in Marrakech and its sailing ship ‘Club Med 2’, besides building resorts in Sicily and Vietnam.
The plan is to shift focus to build and develop four and five star properties for upscale customers. “Club Med would be primarily targeting the top 2% revenue earners in countries like India and China under its new focus for upscale customers,” said Caroline Puechoultres, president and CEO (Asia-Pacific).
The company recently invested nearly 1 billion euro to develop 70 properties, including 20 new ones. The group has shut down some 65 locations as part of its new strategy.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
