Mahindra Holidays backs out from its decision to buy Novotel operated 5-star resort in Lonavala

Anand Mahindra group company which runs hotels and resorts under the Club Mahindra brand was in advanced discussions for the purchase of the resort that is operated by Novotel and owned by the Imagicaaworld group

Mahindra Hotels & Resorts., Five-star resort, Novotel operated  resort, Purchase called off

Mahindra Holidays and Resorts has called off the purchase of a five-star resort located in the hill town of Lonavala owing to uncertain business conditions for hotels in the view of coronavirus pandemic.

It has been found that, the Anand Mahindra group company which runs hotels and resorts under the Club Mahindra brand was in advanced discussions for the purchase of the resort that is operated by Novotel and owned by the Imagicaaworld group.

A considerable amount of booking that was received by the resort was from visitors to the Imagicaaworld amusement park which is located nearby to it.

With the on-going lockdown, it is difficult to predict as to when these leisure destinations will return to doing normal business, reported a source. However, Mahindra group has denied commenting on any speculations.

Dhimant Bakshi, Imagicaaworld’s joint chief executive officer,said, "As part of the debt settlement process, we are in active conversations for assets sale with couple of leading players. However, we are unable to comment on any specific company's interest in any of our assets." 

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