Mahindra Holidays & Resorts India (MHRIL), a leisure hospitality player and a part of the Mahindra Group, has acquired the 106-room 5-star property, ‘The Retreat, By Zuri’, in Goa for R112 crore. The company will own the property from January 1. 

With this acquisition, MHRIL will have a total room inventory of 336 rooms in south Goa, the largest in the area. 

“Discovering new destinations and placing them on the holidayer’s map has been a strong tradition at Mahindra Holidays. This launch will significantly augment our capacity in Goa, which is one of our most preferred destinations," said MHRIL managing director Rajiv Sawhney. The property is located close to the Varca Beach. Zuri Group, which operated two properties in Goa, has sold 'The Retreat' to reduce its debt.

"We decided to sell this property as this was too close to our other property — The Zuri Whitesands, Goa Resort and Casino, and did not have a beach front either," said Priti Chand, vice-president, corporate communication and public relations, Zuri Group.

She added that the company will use the proceeds of the sale to revamp the Whitesands property.

"The money that this deal will bring in will primarily be used for the revamp of our other property, The Zuri Whitesands, Goa Resort and Casino, a hotel of choice amongst Europeans and Indians alike," said Bobby Kamani, nanaging director, Zuri Group Global.

MHRIL reported a net profit of R24.06 crore for the quarter ended September 30, 2011, against R18.19 crore for the corresponding period last year, a growth of 32%.