MHRIL acquires 49% stake in Arabian Dreams Hotel Apartments
New Delhi: Mahindra Group company Mahindra Holidays & Resorts India Ltd (MHRIL) Friday said it has picked up 49 percent stake in Arabian Dreams Hotel Apartments LLC, a company that operates a hotel property in Dubai, for an undisclosed sum.
"MHRIL has subscribed to 49 percent of the share capital of Arabian Dreams Hotel Apartments LLC, which operates the Arabian Dreams Hotel Apartments," the company said in a statement.
With this, MHRIL has now access to the entire 75 rooms at the 'Arabian Dreams Hotel Apartments' located centrally in Dubai, for use by its members as well as guests, it added.
This is the second addition the company has made in an international destination after Bangkok in November 2012, MHRIL said in a statement.
Commenting on the development, MHRIL Chairman Arun Nanda said: "We are committed to expanding the choice of destinations for our members. Following through with our strategy of building where Indians love to go for vacation, we have now added Dubai to our footprint."
The company soon hopes to have its presence in other locations like Sri Lanka and Malaysia, he added.
India is a major source market for Dubai's vibrant tourism industry, and in 2011 the country ranked at the top for the strongest passenger growth (in passenger numbers) at the Dubai International Airport, the company said quoting a press release issued by the Department of Tourism and Commerce Marketing, Government of Dubai.
MHRIL is a leading player in the leisure hospitality industry, offering family holidays, primarily through vacation ownership memberships. It has 155,221 vacation ownership members and operates several resorts across India and abroad.
It is a part of USD 15.9 billion diversified business conglomerate Mahindra Group which employs more than 155,000 people in over 100 countries.