India’s largest vacation ownership company Mahindra Holidays & Resorts India Ltd has acquired a new 60-room resort in Manali, owned by Competent Hotels Private Limited, for an undisclosed amount, according to a stock market disclosure.
This is the company’s second resort in Manali, taking the total resorts it now owns to 41, the company said in the filing.
“This acquisition is part of our strategy to increase our resort footprint and offer our members a variety of experiences in diverse locations, including hill stations, deserts, jungles and beaches,” Arun Nanda, chairman of Mahindra Holidays, said.
The resort is perched on the left bank of the river Beas and most of the 60 rooms have private balconies.
Mumbai-based Mahindra Holidays is a part of the multi-billion Mahindra Group and runs hotels and resorts under the Club Mahindra brand. The company offers family holidays, primarily through vacation ownership memberships.
In north India, Mahindra Holidays has presence in Corbett, Naukuchiatal (near Nainital), Binsar, Manali, Dharamshala, Mashobra (Shimla), Kanatal (near Mussoorie), Kandaghat (near Shimla) and Mussoorie, among others.
The company ended FY14 with revenue of Rs 816 crore with net profit of Rs 87 crore.
Shares of the company were trading at Rs 301.55 per share, up 1.09 per cent on the BSE in mid-day trades in a weak Mumbai market on Thursday.
(Edited by Joby Puthuparampil Johnson)