Mahindra Holidays acquires 49% stake in IHGCL, adds resort
Mahindra Holidays acquires 49% stake in IHGCL for an undisclosed sum.
New Delhi: Mahindra Holidays & Resorts India Ltd (MHRIL) on Tuesday said it has acquired 49 percent stake in Infinity Hospitalities Group Company for an undisclosed sum following which it has added a new resort in Bangkok.
"The addition (of the resort) has been made by acquiring 49 percent equity share capital of Infinity Hospitalities Group Company Ltd (IHGCL)...," MHRIL said in a statement.
The new property called 'Mac Boutique Suites' is a 77-room full service resort located centrally in the Bangkok business district, it said.
Commenting on the development, MHRIL Managing Director & CEO Rajiv Sawhney said: "This is the first step towards what we believe will be the next big movement in family holidays. Building where Indians love to go - outside of India."
The Bangkok resort that provides easy access to a wide array of shopping, entertainment, museums and international cuisines is available to members of Club Mahindra through a special arrangement and a nominal access fee. The resort will also cater to other travellers, MHRIL said.
Other international destinations where Mahindra Holidays operates resorts include Thailand, Malaysia and Austria, it added.
The company has been considering locations like Dubai, Sri Lanka, Malaysia including Bangkok. With this addition the strategy has begun to take shape, Sawhney said.
MHRIL has added 781 rooms across the resort network in over the previous 10 months and with this addition the resort count at Mahindra Holidays stands at 43, the company said.
Shares of Mahindra Holidays & Resorts India were trading at Rs 280 on the BSE, down 1.58 percent from its previous close.