Tuesday, January 1, 2008

Some more facts about Club Mahindra Membership - I

All the numbers here I have taken from Mahindra Holidays' draft prospectus with the SEBI for their upcoming IPO.


Facts:



"Currently, we have a total of 21 resorts across India and Thailand, of which we own seven properties. Our Resorts (resorts owned by us or on long term lease with us) contribute an aggregate of 639 apartments and cottages of a total of 736 apartments and cottages owned or leased by us."


"Club Mahindra Holiday membership c
urrently entitles members the choice of holidaying at any of our 19 resorts, for seven days each year, in a season and apartment type of their choice, for 25 years. ... ... As of October 31, 2007, we have 63,375 Club Mahindra Holiday vacation ownership members."

Conclusion/Observations:

  • Out of these 21 resorts 2 resorts are for Zest members so ClubMahindra Members has total 19 resorts (707 apartments) for their use.

  • ClubMahindra does not maintain apartment inventory matching their growing member base.


63,375 ( Members)
_______________ = 1218 apartments
52 ( weeks in a year)


  • Club Mahindra has 707 apartment compared to required 1218 apartment. - Bad


Facts:





Mahindra Holidays Owned Resorts

Resort
Capacity
Cumulative Capacity
1
Goa, Goa
205
205
2
Coorg, Karnataka
122
327
3
Munnar, Kerala
112
439
4
Binsar, Uttaranchal
36
475
5
Manali, HP
33
505
6
Ashtamudi, Kerala
26
531
7
Manipur Villa, Binsar
5
536


Long term leased

Resort
Capacity
Cumulative Capacity
8
Auli,
10
546
9
Bangkok, Thailand
6
552
10
Corbett, Uttaranchal
4
556
11
Dharamshala, Himachal
23
579
12
Kodaikanal, TamilNadu
11
590
13
Mussoorie, Uttaranchal
19
609
14
Pattaya, Thailand
6
615
15
Poovar, Kerala
6
621
16
Ooty, Tamil Nadu
15
636


Short term leased


Resort
Capacity
Cumulative Capacity
17
Jaipur, Rajasthan
5
641
18
Yercaud, Tamil Nadu
10
651
19
Panchgini, Maharashtra
20
671
20
Mahabaleshwar, Maharashtra
10
681
21
Kodai Hill Country, Tamil Nadu
26
707


Conclusion/Observations:

62.1% capacity is 5 star certified -
Good
3 resorts has 62.1% of total capacity
Bad


3 resorts are 5 star certified
5 resorts are RCI Gold Crowned
OK
Good
All other resorts (18) are 3 star quality only
Bad


75% capacity is in self owned resorts
Good
24.9% capacity is distributed among 15 resorts
Bad


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