Mahindra Holidays and Resorts has called off the purchase of a 5-star resort located in the hill town of Lonavala in Maharashtra over uncertainty in the business environment for hotels post the COVID-19 outbreak.
The Mahindra Group which runs hotels and resorts under the Club Mahindra brand was in advanced discussions for the purchase of the resort that is operated by Novotel and owned by the Imagicaaworld Group.
The resort carries a price tag of Rs 250 crore.