Sterling Holiday Resorts that is a unit of the Thomas Cook India group has announced that it will be investing a sum of about Rs 200 crore in order to refurbish those of its properties that are exist in India. Ramesh Ramanathan, Managing Director of Sterling Holiday Resorts revealed that the second largest vacation ownership firm in India has a capex of around Rs 200 crore for this fiscal year and of this sum almost 50 percent that is Rs 100 crore has been invested by the firm so far in the refurbishing activities.
Sterling Holiday has around 1,725 rooms across 19 properties located in 16 holiday spots. Also, the vacation ownership company has around 73,000 members who pay Rs 2.35 lakh on an average as the membership fee, revealed the executive.
Furthermore, Ramanathan also revealed that the firm is in plans to expand its presence by another 25 percent this fiscal period. Moreover, Sterling Holidays is also developing new properties at Nainital with 50 rooms, Sariska with 40 rooms and Corbet also with 40 rooms. The quantum of investment spend on these new properties was not disclosed by the firm’s executive.
Back in February, Thomas Cook, one of the travel and forex leaders acquired Sterling Holidays for Rs 870 crore in a multi-layer deal. Sterling Holiday was founded by R Subramanian and it has a smooth growth, but soon the business resulted in huge debts and losses.
Earlier this week, the dominator in the vacation ownership, Mahindra Holidays & Resorts announced that it would be investing around Rs 500 crore in order to add 500 rooms to its existing properties this fiscal year ending March 2015. It is the largest sectroal player that has 42 Club Mahindra brand of timeshare resorts panIndiaand four others overseas.
