Muthoot Group buys resort in Costa Rica

Muthoot Leisure and Hospitality Services (MLHS), an arm of Muthoot Group, today said it has acquired Xandari Resort & Spa Costa Rica.

Based in Alajuela, Costa Rica, Xandari Resort & Spa, a luxurious property becomes the first overseas acquisition by the company, MLHS said in a statement, without disclosing the deal size.

MLHS has also extended collaboration with Raxa Collective to manage the property hereon, it said, adding that it plans to spend 200 crore on expansion in the next two years.

Xandari Resort & Spa is a "tropical paradise" of 24 individually designed villas nestled on a 40 acre plantation overlooking the central valley of Costa Rica, it said.

Costa Rica is the most visited nation in the central American region, with 2.2 million foreign visitors in 2011.

International tourist receipts rose to $2.4 billion in 2012, and the lead country of origin was the United States, followed by Nicaragua and Canada.

This is the first acquisition by an Indian hospitality company in Central America, said George M George, Executive Director, MLHS.

"I am confident that the uniqueness of this property will appeal to global visitors and will go a long way in strengthening our business here. Having said that, India continues to be our focus market and we will announce our domestic expansion plans very soon," he said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Child abuse needs to be tackled with the seriousness it deserves

    The Bangalore rape case has again brought into focus an issue we Indians forever shy away from facing up to — child sexual abuse.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: THE BASE RATE BIAS

Base rate fallacy, also called base rate neglect or base ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture