Mumbai, September 29, 2008 : Mahindra Holidays & Resorts India Ltd. (MHRIL), India’s No. 1 family holiday* company and one of the fastest growing vacation ownership companies in the world, today announced that it will  double its inventory through a judicious combination of acquisitions, construction of new properties and expansion of existing properties. With these plans in progress, the Company’s room inventory will double to over 1500 apartments. This expansion at Mahindra Holidays is in line with the rapid growth in membership achieved by the company. Mahindra Holidays currently has 85,000 satisfied families as members, which is likely to go up to 100,000 by March 2009. The company, promoted by the Mahindra Group, in the last 11 years has positioned itself as a No. 1 holiday brand in the country and has been growing with a top line CAGR of 52%.

Mr. Arun Nanda, Chairman, MHRIL while commenting on these strategic initiatives said, “Growth at Mahindra Holidays has been a direct corollary of our pioneering efforts in the leisure hospitality industry. We are committed to providing our members with truly invigorating family holiday experiences through unique resort concepts in newer locations. This capacity expansion is to take care of the future growth of our members.”

Mr. Ramesh Ramanathan, Managing Director, MHRIL, further added, “Our pan-Indian network of 30 resorts, offers a diverse range of holiday experiences varying from Beach Holidays to Hill Stations and Jungle Resorts. We took the decision to double our capacity base to 1500 apartments to cater to our rapidly increasing member base and the addition of 6 new resort locations will significantly enhance the holiday options for our members.” 

The company, during this financial year, has increased its inventory through a combination of property acquisition, leases and existing property expansions. The company has also purchased land in several destinations for the development of Greenfield resorts.

Property Acquired:
Club Mahindra has acquired a large and exclusive heritage property with art déco style interiors, at Ooty, Tamil Nadu, which is currently being refurbished with the expertise of a conservation architect and an internationally acclaimed landscape architect, to become a 90 apartment heritage property, situated at a prime location overlooking the race course.

Greenfield Properties:
The company has further enhanced its pan-Indian presence with the addition of three green field resort locations at Corbett in Uttarakhand, Tungi in Maharashtra and Theog in Himachal Pradesh, all of which should substantially add to holiday experience for Club Mahindra members.  The Corbett, Uttarakhand, property is a 50 apartment styled jungle resort, which should be operational by end 2008. The 160 apartment Tungi resort near Lonavla is spread over 42 acres with a view of the Tungi Fort and Pavna Lake, and will include a swanky new ‘Svaastha’ spa. The third greenfield property is a 100 apartment resort being developed at Theog in Himachal Pradesh, at a height of 8000 ft above sea level, which will offers members unbroken views of the magnificent Himalayan ranges.

New Locations:
The company has further added three new leased locations for its members at Yercaud and Masinagudi in Tamil Nadu and Naukuchiatal in Uttarakhand. Of these Masinagudi and Naukuchiatal are fully managed and operated by Mahindra Holidays. The Yercaud Resort is a 40 apartments refurbished colonial style bungalow which retains its old world charm and is situated closed to the Yercaud Lake. The Masinagudi property in the Mudumalai Wildlife Sanctuary offers 20 apartments in a naturalistic and jungle setting. The 52 apartments Naukuchiatal resort is situated overlooking the Naukuchiatal Lake.

Property Expansions:
Mahindra Holidays has also aggressively enhanced room inventory in its existing resorts at Pondicherry, Coorg, Binsar, Kumbhalgarh and Ashtamudi, all of which will further help MHRIL augment its leadership position within the leisure hospitality industry.

The Big Beach – ZEST Resort at Pondicherry has added 80 apartments to its existing capacity, taking the count to 125 apartments. The Kodagu Valley Resort at Coorg, is currently undergoing expansion and will add 103 apartments, increasing resort capacity to 225 apartments. The Club Mahindra Valley Resort at Binsar, is adding by the year end 26 exclusively designed log huts imported from Australia thus increasing it’s capacity to 57 apartments. The Ashtamudi Club Mahindra Backwater Retreat is constructing an additional 40 cottages, taking the count to 65 apartments. The Club Mahindra Fort Resort at Kumbhalgarh, Rajasthan is undergoing further expansion and will soon be a 70 apartment property.
 
*As per AC Nielsen survey
About Mahindra Holidays & Resorts India Limited
Mahindra Holidays and Resorts India Limited (MHRIL), is a subsidiary of Mahindra and Mahindra Ltd. one of the most respected industrial houses in India. MHRIL is a leading player in the leisure hospitality industry. It provides quality family holidays primarily through vacation ownership memberships. MHRIL’s flagship brand is Club Mahindra Holidays. MHRIL currently provides its 85,000 members a choice of 30 resorts in India and Thailand and in addition, through affiliations provides access to over 3700 resorts, worldwide.