Sterling Holidays quits membership sales, pivots to hotel business ahead of standalone listing

Thomas Cook India's vacation-ownership arm drops new membership sales, scales to 95 properties and 4,500 rooms by 2027 as it preps demerger; FY26 revenue ₹548.7cr, 85% from resorts.

— Source publishedMon, 20 Jul, 2026, 12:51 IST·First seen Mon, 20 Jul, 2026, 12:56 IST·Source Mint

What happened

Thomas Cook India's Sterling Holidays exits membership sales, pivots to conventional hotel business ahead of demerger and standalone listing, expanding to 95

Key facts

  • 50,000 members
  • 78 resorts
  • 3,800 rooms
  • 65 destinations
  • 95 properties by 2027
  • 4,500 rooms by 2027
  • ₹548.7 crore revenue FY26
  • ₹170.1 crore Ebitda
  • ₹114.2 crore PBT
  • 85% revenue from resorts
  • 35 new hotels
  • 2,000 rooms
  • 45% owned inventory
  • 60 acres land

Why this matters

The shift from vacation-ownership sales to a scaled hotel business (78→95 properties by 2027) simplifies Sterling's balance sheet and positions it as a more conventional, valuable hospitality asset for the upcoming demerger.

What to watch

  • NCLT/SEBI approval timeline for demerger scheme
  • Member complaints or litigation over discontinued sales
  • Quarterly occupancy/RevPAR disclosures pre-listing
  • Thomas Cook India parent stock reaction to demerger announcement
  • Any binding agreements with hotel brands/management companies for the new 17 properties
  • Announce specific capex/funding plan for 78→95 property expansion
  • Detail treatment of existing membership holders (buyback, conversion to loyalty points, grandfathering)
  • File demerger scheme with stock exchanges/NCLT specifying listing timeline
  • Publish occupancy and RevPAR metrics separately from legacy membership revenue to build investor narrative

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