Leisure hospitality company Mahindra Holidays & Resorts (MHRIL) on Thursday said it has inked an agreement with the Uttarakhand government to invest Rs 1,000 crore and build 4-5 large marquee resorts over the next few years in the state.
This is the company's biggest investment in any state and part of its plans to expand to 10,000 keys from the current 5,000 keys by 2030, the company said in a statement.
"Mahindra Holidays & Resorts (MHRIL), India's leading vacation ownership and leisure hospitality company under the flagship brand Club Mahindra, has signed an MOU today with the Government of Uttarakhand (UK) to invest Rs 1,000 crore and build 4-5 large marquee resorts over the next few years in Uttarakhand," it said.
This investment will more than double the company's footprint in Uttarakhand, with Club Mahindra already operating resorts in Jim Corbett, Mussoorie, Kanatal and Binsar, according to the statement.
"We see a huge opportunity in Uttarakhand, and our planned investment reflects not only our confidence in the state's potential but also our commitment to contributing to its economic growth while at the same time creating memorable vacation experiences for our growing base of members. I would like to express my sincere gratitude to the Uttarakhand government for its support," MHRIL managing director and CEO Kavinder Singh said.
Currently, MHRIL has 102 resorts across India and abroad, and its subsidiary, Holiday Club Resorts Oy (HCR), Finland, a vacation ownership company in Europe has 33 Timeshare Properties (including 9 spa resorts) across Finland, Sweden, and Spain.