Mahindra Holidays and Resorts India Ltd (MHRIL), a vacation ownership company and the hospitality arm of Mahindra Group, has acquired 49 per cent of Dubai-based Arabian Dreams Hotel Apartments LLC (ADHA). With this development MHRIL has added a 75-room Dubai property managed by ADHA to its portfolio.
“Following our strategy of building where Indians love to go outside India, we have now added Dubai to out footprint. We hope to have our presence in Sri Lanka and Malaysia,” Arun Nanda, Chairman of MHRIL said.
This is the second property addition to the company’s international portfolio, the first one being a property in Bangkok in 2012.
The Dubai-based property is a combination of studios and apartments and is centrally located in the city at 8 kilometres from international airport and less than two kilometres from Bur Dubai Shopping area, the company stated in a release.
MHRIL is the flagship hospitality brand of Mahindra Group. Its other hospitality and leisure brands include Club Mahindra Fundays and Mahindra Travel. MHRIL has 155,221 vacation ownership members across India and abroad.
Hospitality and leisure has generated a keen interest among private equity players in the last few years. Some of the big investments in the sector include Equity International investing $75 million in Samhi Hotels, Berggruen Holdings investing $100 million in Berggruen Hotels and Credit Suisse Group investing $55 million in Apeejay Surrendra Park Hotels.
(Edited by Prem Udayabhanu)