Mahindra Holidays acquires property in Goa, eyes more

NEW DELHI: Mahindra Holidays & Resorts today said it has acquired a 106-rooms property in Goa for an undisclosed sum as part of its expansion at popular holiday destinations in India.

"Going forward we will increase the total number of rooms that we have across the country. It will be done through a mix of new properties on the existing land bank and acquisitions," Mahindra Holidays & Resorts India Ltd Managing Director Rajiv Sawhney told PTI.

He, however, did not disclose the total number of rooms currently owned by the company or the plan ahead.

Commenting on the latest acquisition he said: "With the new property, Club Mahindra now has over 330 rooms in entire Goa, which has become a very popular holiday destination."

The latest acquired property will now operate as Mahindra Emerald Palms, he added.

The company is a leading player in leisure hospitality and offers vacation ownership membership. It claims over 1,35,000 member families and operates more than 34 resorts across India and Thailand.

The concept of vacation ownership lets people own a property for a specified period of time.

When asked about the plans to sell promoters' stake in the company Sawhney said: "As per the SEBI guidelines we are required to bring down the promoters' equity from 83 per cent to 75 per cent in the next one year."

The plan is on track, he said, but declined to give details.

The company's shares closed at Rs 279 per piece, down 0.29 per cent on the BSE.