Indian diversified business house Muthoot Group’s hospitality division Muthoot Leisure and Hospitality Services has acquired high-end property ‘Xandari Resort & Spa’ in Costa Rica in Latin America.
The acquisition is the first ever by any Indian hospitality firm in Central America and first overseas acquisition by Muthoot Leisure. The resort was added to Muthoot Group in December 2013. Xandari Resort & Spa is a tropical paradise of 24 individually designed villas nestled on a 40 acre plantation.
Muthoot Group is looking to invest Rs 200 crore over the next two years for its expansion plans, its executive director M George said. The company has also joined hands with Raxa Collective to manage the property and has plans to augment its operations overseas by acquiring more such properties in Central America, Africa and Sri Lanka.
While commenting over the resort’s acquisition in Costa-Rica, George said, “I am confident that the uniqueness of this property will appeal to global visitors and will go a long way in strengthening our business here. Having said that, India continues to be our focus market and we will announce our domestic expansion plans very soon.”
Currently, Muthoot Leisure has six properties namely Cardamom Country, River Escapes, Pampa Villa, Kayal Villa, Spice Harbour and Pearl Beach, all in Kerala.
Muthoot Group is engaged in banking and finance, hospitality, automobile, infrastructure, ceramics, and wind power generation businesses.
(Edited by Joby Puthuparampil Johnson)