Max Lifestyle Properties
Unveiling a wellness resort brand Vana, the Max Group is planning to foray into building hospitality sector properties. The group has planned to build and operate lifestyle properties across India and abroad with an initial project outlay of Rs. 300cr. The first 21-acre property set amongst Sal Forests in Malsi Estate, Dehradun is currently under construction and is expected to be completed by winter this year. The 90-room luxury property will offer yoga, ayurvedic and other wellness therapies, aimed at well-travelled, health-conscious individuals and families.

In fact, the player is hoping to set up 7-10 Vana retreats in the next decade wherein half the project cost of Rs. 300cr will be in the form of equity. This is not the first association with hospitality for the group because in 2010, the chairman of the group owned 7% stake in EIH, the parent company of the Oberoi hotel chain, though he subsequently reduced his holding to about 4% and divested. EIH sold around 14% stake to Reliance Industries and the group put its stake on the block, finally exiting by selling its stake to RIL for about Rs. 200cr. The sector is still in a nascent stage and wellness as a category is growing and there is a lot of room for new brands to come in. Even a host of internationally established chains such as Six Senses, Banyan Tree and Anantara are looking at the local market seriously, Managing Director, HVS Hospitality, Manav Thadani said.