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Thursday, 15 June, 2017, 11 : 55 AM [IST]

Mahindra Holidays plans US acquisition

As per a report in Business Standard, Mahindra Holidays and Resorts is assessing acquisition targets at Orlando and Las Vegas in the US in its effort to make its portfolio more attractive to outbound Indian holiday makers.

According to TripAdvisor’ study, as many as 44% of travellers from India increased their travel spends in 2016. India ranks 18th in the global travel budget rankings, with an estimated average budget of USD 3,107, compared with the global average travel spend of USD 5,100.

“We are constantly looking for acquisition of resorts both in India and overseas,” said Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts.

About three years back, the company acquired 100% stake in Covington Sarl, Luxembourg, making it a wholly-owned subsidiary of the company. And bought a Finland vacation ownership firm Holiday Club Resorts Oy. Mahindra Holidays is also present at international destinations including Malaysia, Thailand, Dubai, Austria.

“We believe there is a huge opportunity in India in terms of creating newer destinations. Since we are seeing an increase in outbound travel, we would like to add resorts overseas in Sri Lanka, South East Asia, Western Europe and US,” said Singh. The company is also working on adding an additional 600 rooms in the next two to three years with an investment of INR 600 crore.

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