India’s largest vacation ownership company Mahindra Holidays and Resorts India Ltd (MHRIL) has added a 77-room resort called Mac Boutique Suites in Sukhumvit, Bangkok, to its network by acquiring 49 per cent equity share capital of Thailand- based Infinity Hospitality Group Company (IHGCL) for an undisclosed amount.
With this acquisition, Club Mahindra members can use the Bangkok resort through a special arrangement and a nominal access fee.
“This is the first step towards what we believe will be the next big movement in family holidays. A resort where Indians would love to go when travelling outside India. We have been considering locations like Dubai, Sri Lanka, Malaysia and even Bangkok. With this addition, our strategy has begun to take shape,†said, Rajiv Sawney, MD and CEO of MHRIL.
MHRIL scrip closed at Rs 280.8 a share, down 1.3 per cent in a strong Mumbai market on Tuesday.
The acquisition comes soon after the firm acquired last week The Destination, an 80-room resort near Shimla. In August this year, MHRIL acquired Jaipur-based Divine Heritage Hotels Pvt Ltd for an undisclosed amount.
Over the past 10 months, MHRIL has added 781 rooms across its resort network and with this new addition, the resort count stands at 43 in India and abroad. Its network includes other international destinations in Thailand, Malaysia and Austria, and the firm has 1,50,000 members globally.
While Club Mahindra is its flagship brand, other brands of the company includes Zest Breaks, Club Mahindra Fundays and Mahindra Travel. The company, via its website, also provides travel-related services, such as holiday planning, ticketing and other related services.
(Edited by Sanghamitra Mandal)