Page 3 - Global Travel Industry

Hong Kong expects to double Indian footfalls this year with events lined-up

Hong Kong is expecting to double the number of Indian travellers this year with a line-up of festivals and events to boost tourism, a top executive of HK Tourism Board has said. Last year, 2,08,000 Indians travelled to Hong Kong. "We want to double this number this year and have many festivals and events lined up to boost tourism this year. In the first half of 2024, Hong Kong welcomed 1,81,000 visitors from India, which is 89 per cent of the pre-Covid time," Hong Kong Tourism Board Director, South Asia and Middle East, Puneet Kumar told PTI. Looking at this growth in momentum, the HK Tourism Board is hoping to cross the pre-Covid (2018) level of tourist arrivals this year, he added. Hong Kong Tourism Board takes 2018 as the benchmark for pre-Covid times as in 2019, the tourism industry almost came to a standstill with cancellation of hundreds of flights as the country saw protests against the Hong Kong government's introduction of a bill to amend the Fugitive Offenders Ordinance w

Dubai International Airport sees half-year record of 44.9 mn passengers

Dubai International Airport saw a record 44.9 million travelers pass through its cavernous terminals in the first half of this year, putting the world's busiest airport for international travel back on track to beat its all-time record as aviation booms after the coronavirus pandemic. The results released on Wednesday follow a record-breaking annual profit for the long-haul carrier Emirates that calls the airport known as DXB home and comes as Dubai plans to move operations to a planned, nearly $35 billion airfield in the next decade. Meanwhile, a real-estate boom and its highest-ever tourism numbers have made the city-state in the United Arab Emirates no longer just a layover but a destination for even more travelers. The record-breaking performance in the first half of this year highlights our strategic importance as a global aviation hub," Dubai Airports CEO Paul Griffiths said in a statement. Dubai is at the forefront of global cities when it comes to attracting talent, ...

Airbnb partners with Financial Crimes Investigators to combat travel scams

Airbnb has implemented several measures to safeguard its customers' information and bookings

Local authorities cautions Kedarnath Dham devotees due to heavy rains

Sub-District Magistrate- Due to heavy rains in the month of Sawan, stones may fall on the travel routes at many places, due to which it is not appropriate to travel from the point of view of safety.

FlixBus partners with Paytm to enhance global travel tech distribution

Global travel tech firm FlixBus has partnered with fintech major Paytm to expand its distribution network, a joint statement said on Tuesday. With this, FlixBus tickets will now be available through the Paytm app. "This collaboration is poised to drive substantial growth for both companies, expanding Paytm's travel options and reinforcing its position in the travel industry while enabling FlixBus to tap into Paytm's vast customer base and technological expertise," the statement said. "By encouraging more people to choose bus travel, we can significantly reduce emissions and make a positive impact on the environment. Webelieve it will significantly enhance the travel experience for millions of users," Surya Khurana, Managing Director of FlixBus India, said. Shares of Paytm settled at Rs 459.75 apiece on the BSE, down 2 per cent from the previous close.

Indians travelled close to 1,000 cities across world: Uber app usage data

Indians have been breaking all travel records over the past couple of years, according to Prabhjeet Singh, President, Uber India and South Asia

5 countries with updated visa policies; here's how Indians will be impacted

Many countries recently updated their visa policies and requirements which will have a potential impact on Indians. Anyone planning for foreign trips needs to stay informed about the latest updates

Recovery in overseas travel by Chinese lags due to costs, visa snags

The Chinese currency has fallen more than 2% against the dollar since the start of the year, raising costs in yuan terms for Chinese travellers abroad

TBO Tek Q4 result: 64% jump in PAT to Rs 46 crore, revenue up 31%

Travel distribution firm TBO Tek Ltd on Thursday said its profit after tax (PAT) rose by 64 per cent to Rs 46 crore in the quarter ended March 2024 from Rs 28 crore in the corresponding quarter of the previous year. The revenue during the reporting quarter jumped 31 per cent to Rs 369 crore crore compared to the year-ago period. For FY 2023-24, the PAT stood at Rs 201 crore, up 31 per cent over FY23 while the revenue was recorded at Rs 1,393-crore, an increase of 35 per cent over the financial year ended March 2023, the company said. "FY 24 was a landmark year for TBO. Following our successful IPO, we have recorded another year of remarkable growth, with revenue soaring to Rs 1,393-crore, showcasing 31 per cent increase with adjusted EBITDA at Rs 270-crore," said Gaurav Bhatnagar, co-founder and Joint MD, TBO Tek Limited. The gross transaction value during FY24 surged to Rs 26,536-crore, marking a 19 per cent year-over-year growth, he added. "Our acquisition of Jumbonline has alre

India rises to 39th position in WEF index for travel, tourism development

Country top performer in South Asia and among the lower-middle-income nations

Hilton Holdings Q1 result: Revenue up 12% at $2.57 bn, beats estimates

The company forecast annual adjusted profit of between $6.89 and $7.03 per share, up from the previous range of $6.80 to $6.94 per share

95% of Indian travellers interested in sustainable travel: Report

Even as 95 per cent of Indian travellers interviewed said sustainable travel is important to them, more than half feel the irreversible damage has already been done, a report said on Monday. Online travel agency Booking.com's ninth 'Sustainable Travel Report 2024' revealed that almost two-thirds (62 per cent) of Indian travellers stated they would feel guilty when they make less sustainable travel choices and 20 per cent of them want to travel more sustainably because they believe it's the right thing to do. Booking.com's ninth Sustainable Travel Report 2024, is based on insights gathered from more than 31,000 travellers across 34 countries and territories, including 1,000 in India. However, the report found that a sense of disillusion towards making more sustainable travel choices might be counteracting these positive intentions. For the first time this year, the report revealed that some travellers don't recognise the importance of being more mindful. Almost a quarter (24 per ce

Travelers' profit jumps on investment gains, underwriting strength

Insurers are reaping the benefits of firming hopes of a soft landing, and wage growth in a still-tight labor market that has ensured job security

AAI to post highest ever pre-tax profit of Rs 5,000 crore in FY24

Airports Authority of India (AAI) is expected to report the highest-ever profit of Rs 5,000 crore in the financial year 2023-24, a senior official said on Monday. In recent years, the number of airports has gone up, especially with the regional air connectivity scheme, amid rising domestic air traffic. AAI Chairman Sanjeev Kumar said the organisation surpassed the capital expenditure target at around Rs 5,250 crore in the fiscal ended March 2024. In 2023-24, the turnover is expected to be around Rs 15,000 crore and the profit before tax at Rs 5,000 crore, which will be the "highest ever in our history," Kumar said. He was speaking at the 29th annual day of the AAI. At the function, Civil Aviation Minister Jyotiraditya Scindia said the number of airports, heliports and waterdromes has increased to 157 from 74 in the last 10 years. Efforts are on to increase the number to 200, he added.

India a travel powerhouse; Agoda will continue accelerated expansion: CEO

Global digital travel platform Agoda will continue the accelerated rate of onboarding of accommodation properties in India, its fastest-growing market and a global travel powerhouse, its CEO Omri Morgenshtern said on Tuesday. The company is also looking to enhance partnerships with local firms in the travel and hospitality sector in the country to tap the huge potential of inbound and outbound traffic from the country. "India is the fastest growing country for us, by far, faster than anybody else. So, we are acquiring (onboarding) properties in India much faster than anywhere else," he told PTI in an interview from Bangkok. On the significance of adding more accommodation properties, he said, "We recognise that bringing more properties in, is a part of localisation because if you want to cater to more Indian travellers from different geographical areas and also from different income levels, then you need to grow". Beyond the metros with four and five-star hotels, he said Agoda is .

ITC inks pact with Narne Hotels and Resorts to open Welcomhotel in Coorg

ITC Hotels on Monday said it has signed a management agreement with Narne Hotels and Resorts to open a 150-key property under Welcomhotel brand at Madikeri hill town in Coorg, Karnataka. "Madikeri is an important market for us. Over recent years, this region has grown in popularity and we saw a niche space for leisure travel. Through Welcomhotel Madikeri we bring the signature hospitality of ITC Hotels to this beautiful city," ITC Hotels Divisional Chief Executive Anil Chadha said in a statement. With this agreement, ITC Hotel group further strengthens its presence in Karnataka, where it currently operates 11 hotels and over 1,300 rooms under various brands including ITC Hotels, Welcomhotel, Fortune and Welcomheritage, he added.

Airlines expected to report lower loss of Rs 3,000-4,000 cr: Report

Airlines are projected to report a lower net loss of Rs 3,000 to 4,000 crore in the current as well as next financial years, helped by healthy passenger traffic growth and pricing discipline, a report said on Monday. For February, credit rating agency Icra in its report said domestic air passenger traffic was estimated at around 127.5 lakh. The aviation sector has also been grappling with supply chain challenges and issues related to Pratt & Whitney (P&W) engines. IndiGo grounded more than 70 planes due to P&W engine problems. "It is estimated that 24-26 per cent of the total fleet of Indian airlines in operations will be grounded by March 31, 2024. Considering the bulk recall of the engines globally by P&W and other existing issues with the OEM's engines, the testing by P&W is likely to take longer at 250-300 days," the report said. Meanwhile, it said the pace of recovery in industry earnings is likely to be gradual owing to the high fixed-cost nature of the ...

Hotel industry's revenue expected to grow 7-9% in FY25, says ICRA

The Indian hotel industry is expected to report a 7-9 per cent revenue growth in FY2025 with occupancy likely to be at decadal highs, ratings agency ICRA said on Tuesday. Sustenance of domestic leisure travel, demand from meetings, incentives, conferences, and exhibitions (MICE), including weddings and business travel despite a temporary lull during the election period are likely to drive demand in FY2025, ICRA said in a statement. Spiritual tourism and tier-II cities are also expected to contribute meaningfully in FY2025, it added. ICRA said domestic tourism has been the prime demand driver in FY2024 and is likely to remain so in the near-term. Foreign Tourist Arrivals (FTA) are yet to recover to pre-Covid levels and the improvement would depend on the global macroeconomic environment. "Demand is expected to remain strong across markets in FY2025, as consumer sentiments continue to be healthy and corporate performance is stable," ICRA Ltd Vice President and Sector Head Corporate .

Hospitality industry expects 11-13% revenue growth on domestic demand

The hospitality industry is expected to clock 11-13 per cent revenue growth in 2024-25 on steady domestic demand and a rise in foreign travellers, a report said on Monday. This revenue growth will follow a likely 15-17 per cent growth in the current financial year, backed by steady domestic demand and ramp-up in foreign travellers, Crisil Ratings said in a report on Monday. The strong demand dynamics along with modest new supply will keep the operating performance of the industry healthy over the near term, the report added. According to the report, the healthy operating performance will augur well for the industry profitability where the EBITDA, or earnings before interest, taxes, depreciation, and amortization will continue the strong momentum over the current and the next fiscal. This, along with limited capital expenditure, will keep the credit profiles strong, the report noted. "The domestic travel demand, which remained a key driver this fiscal, will sustain next year as wel

Mahindra Holidays & Resorts to invest Rs 800 cr to set up 3 resorts in TN

Mahindra Holidays & Resorts India Ltd on Thursday said it will invest Rs 800 crore in Tamil Nadu to build three greenfield resorts over the next five to six years. The company has signed an MOU with the Tamil Nadu government for the same, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a statement. It will directly generate employment opportunities for over 1,500 people, thereby contributing to the overall economy of the state, it added. "With this significant investment, MHRIL will double its footprint in Tamil Nadu, with Club Mahindra already operating resorts in Ooty and Kodaikanal," the company said. This would be the second-largest investment by MHRIL, following the Rs 1,000 crore investment in Uttarakhand last year. These investments are part of the company's expansion plans to increase room inventory from 5,000 to 10,000 by 2030, the statement said. Further, MHRIL said as part of its commitment to sustainability and aim to achieve carbon neutrality by 2040, all ...