Mahindra Holidays to acquire stressed assets

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Mahindra Holidays is looking at acquiring stressed assets in the hospitality sector across different parts of the country, including Kashmir.

Kavinder Singh, managing director and CEO of Mahindra Holidays and Resorts India said: “There are great opportunities coming on the horizon of stressed assets in India. Most of the assets are coming from financial institutions and banks. It’s a great opportunity for us to buy assets at a good price, refurbish them and create destinations.”

The chain has over 55 resorts in India and 52 internationally, with over 2.51 lakh members. According to Singh, there are several properties that are currently stressed or debt-laden but hold good potential, whether in renowned destinations or not.

It already has a strong presence in the North and the South, so the aim now is to expand in other regions. “We want to look at stressed assets in Gulmarg, Pahalgam, Guwahati, between Mumbai and Pune, Rajasthan and Gujarat. Internationally, we are looking at the acquisition of stressed assets in Phuket and Dubai, where Indians travel,” said Singh. It had earlier announced that it was looking at management contracts to shore up revenues.

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