Mahindra Holidays Enters Leisure Hospitality With 1,000 Cr Investment
Mahindra Holidays and Resorts India, a part of the Mahindra Group, will invest an initial Rs 1,000 crore to establish Mahindra Hotels and Residences India, a wholly owned subsidiary. Through this new entity, the company plans to expand beyond vacation ownership and enter the broader leisure hospitality business.
This new business line will be under the brand name Mahindra Signature Resorts, a luxury hospitality brand, according to its stock exchange filing. The company targets scaling this brand to 2,000 keys by FY30, and is yet to announce if this expansion will be through greenfield or brownfield projects.
The company further stated that the entry into the leisure hospitality business will add scale and diversity to the existing business portfolio and will help it attract fast-growing categories and customers in the overall tourism sector.
“For almost three decades, Mahindra Holidays has shaped how Indian families holiday, which gives us a competitive edge,” Manoj Bhat, managing director and chief executive officer (CEO), Mahindra Holidays, said in a statement.
“The demand for experiential holidays is rising swiftly due to increasing affluence. We recognise that family extends beyond the traditional sense to encompass meaningful connections and shared experiences. Hence, we are embarking on our two-brand strategy, to gain a leadership position in the leisure market”.
The Mahindra Holidays and Resorts India’s core business is offering family holidays primarily through vacation ownership, in a membership programme (for 10, 15 or 25 years) with select access to other products under Club Mahindra.
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The company further stated that it will scale its core business with its inventory addition expected to reach 10,000 keys by FY30. As of September 30, it has 118 resorts across India and other global markets. Its subsidiary, Holiday Club Resorts Oy (HCR), Finland, a leading vacation ownership company in Europe, has 33 Timeshare Properties across Finland, Sweden, and Spain.
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It is rebranding Club Mahindra as Club M to refresh its identity and reflect these transformations, the stock exchange filing said. It is also premiumising its resort portfolio and adding a new product called Keystone, revamped with enhanced privileges for members.
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Under its vision to become India’s number one leisure hospitality player, the company anticipated to expand with three times growth in keys, revenue and four times growth in net profit in this decade, it highlighted in its investor presentation.