Mahindra acquires Zuris Goa Property AZB and Wadia Ghandy advise

Mahindra Holidays and Resorts has acquired 106 room 5-star property ‘The Retreat by Zuri’ in Goa from The Zuri Hotels & Resorts for Rs. 112 crore ($21 million)..AZB & Partners advised Rashmi Kamani, Deepak Kamani and Zuri Hospitality with a team led by Senior Partner Zia Mody along with Senior Associate Percis Anklesaria..Wadia Ghandy advised Mahindra Holidays with a team led by Partner Amit Manubarwala..According to Financial Express, Zuri Group, which operated two properties in Goa, has sold ‘The Retreat’ to reduce its debt. The money that this deal will bring in will primarily be used for the revamp the other property in Goa, The Zuri Whitesands..Dealcurry reports, the property will be renamed as Club Mahindra Emerald Palms and will be ready for use from January 2012. With this deal, Club Mahindra now has the largest resort operations in South Goa taking its tally to 336 rooms..The Zuri Hotels was launched in 2008 and is part of Bangalore based Zuri group. Currently it owns and operates six luxury hotel properties at various locations in India, Kenya and the UK..Mahindra Holidays & Resorts India is part of the $7.1 billion Mahindra Group. It is engaged in leisure hospitality industry offering family holidays through vacation ownership membership. Its other brands are Zest, Club Mahindra Fun days, Mahindra Home stays and Mahindra.Travel. The company has over 135,000 member families and operates more than 34 resorts across India and Thailand..Recently, Kolkata-based hospitality firm Sinclair Hotels had acquired majority stake in Savannah Hotels that owned Savannah Sarovar Premiere, an upscale 104-room business hotel in Whitefield, Bangalore. PXV Partners advised Sinclair on this transaction.In September 2011, the Promoters of UK-based Lebara Group had acquired hotel property in Chennai from RAS Adyar Hotel, which is promoted by former Supreme Court Judge, Justice V. Ramaswami’s family. The Chennai office of FoxMandal Little had advised Lebara Group.