Revenue growth may be 6-8% after 3 years of double-digit rise
Growth of India's hospitality sector is expected to "normalise" at 6-8 per cent in the current financial year, rating agency Icra said on Monday while downgrading the sectoral outlook to "stable" from positive. The rating agency also stated that foreign tourist arrivals (FTAs) to India are expected to remain muted in the next few months in the aftermath of the terror attack at Pahalgam in Jammu and Kashmir, but are estimated to witness a gradual recovery thereafter. However, domestic tourism has been the prime demand driver so far and is likely to remain the same in the near term. Factors, including improvement in infrastructure and air connectivity, favourable demographics, and anticipated growth in large-scale MICE events, with the opening of multiple new convention centres in the last few years, will support the growth over the medium term, Icra said. According to the rating agency, the domestic hospitality sector's earnings and credit metrics are expected to remain stable in ..
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The tourism, hospitality and aviation industries will work together to face the challenges following the Pahalgam attack and the consequent military situation, said Puneet Chhatwal, MD and CEO of Indian Hotels Company Limited, on Sunday. Chhatwal, whose company operates the Taj Hotels brand, was speaking to reporters on the sidelines of the convocation function at the Indian Institute of Management (IIM), Nagpur. When asked about how the hospitality industry plans to tackle the challenges after the Pahalgam terror attack and the resulting military confict between India and Pakistan, Chhatwal said it is the role of management to navigate through crises, and that every crisis presents an opportunity. That does not mean we should have only crises. Once everything settles down... how we, as a sectortourism, hospitality, and aviationrally together to bring business back to Kashmir, that's the key," he said. Chhatwal also shared his company's plan to start Taj properties in Frankfurt, ..
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Ladhani Group is planning to invest around Rs 3,000 crore in its hospitality business and triple its room keys to 1,500 over the next three to five years as part of its expansion plans, a top company official has said. The group, which signed agreements with the Taj group for its two upcoming properties at Haridwar and Ayodhya, is also in discussion with other international chains. "So, if everything goes on time, in the next three years, we will add another 1,000 rooms. From the present 500, we will have 1,500 rooms," its executive director Paritosh Ladhani told PTI. Over the investment, Ladhani said, "The overall investments for 1,000 keys would be around Rs 3,000 crore". Earlier this month, East India Hotels Limited (EIH), which operates the Oberoi group of hotels, announced two new resorts in Rishikesh in partnership with the Ladhani Group. "We have great plans for hospitality. Apart from Taj, we have just tied up with Oberoi and I am in touch with a few large international ..
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Tata Group-backed Indian Hotels Company on Thursday said it is "well poised" to achieve the portfolio of 700 hotels by 2030 under its "Accelerate 2030" strategy. The country's largest hospitality firm currently has 360 hotels under its portfolio, including 237 operational and 123 hotels in the pipeline. "IHCL is well poised to achieve its goal of a 700 hotel portfolio under its strategy - Accelerate 2030," the company said. IHCL also said it executed "85 signings and 40 openings in 2024". Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL said, "In line with IHCL's strategy Accelerate 2030, the growth continues to be focused on capital light, accounting for 75 per cent of the year's signings." She added, "The iconic Taj brand remains at the forefront of this growth with 19 signings in 2024. This is reflective of the growing affluence and demand for luxury experiences with signings spanning metros, pilgrimage locations, leisure destinations, state capitals .
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Hospitality major EIH Ltd expects strong demand and occupancy in the third and fourth quarters of this fiscal after witnessing moderation in the April-June period due to elections and heatwave, according to its Managing Director and CEO Vikram Oberoi. The impact of this year's general elections on demand was higher compared to the previous elections, he told analysts. "Really, as a function of supply and demand, we had the election this year and I think at least our analysis shows that when compared to previous elections, which we looked over the previous election, we looked at the impact on this election has been more than in the previous election. We looked at the last election as well," Oberoi said. Besides, he said in many cities in Rajasthan where the company has leisure hotels and in Agra, temperatures have been extremely high this summer. "We still remain optimistic that foreign travel is bouncing back. And with strong Indian demand from the domestic market for luxury hotels
The country's hospitality sector is likely to witness strong tailwinds in the medium to long term, with demand outpacing supply, Thomas Cook India's Executive Chairman Madhavan Menon said. In an interview with PTI, he shared that the company's expansion plans in India are focused on a phygital model, and it is looking at opening around 20 new holiday outlets this fiscal through a combination of owned and franchise locations, and this will include key source markets across Tier 1-3 cities and towns. The company reported a consolidated net profit of Rs 73.13 crore during the first quarter ended June 30, marginally up from Rs 70.93 crore a year ago, according to a regulatory filing. During the April-June quarter, Thomas Cook India's total income rose to Rs 2,134.33 crore from Rs 1,931.87 crore in the year-ago period. "In the medium and long term, the tailwinds for the hospitality sector remain strong, with demand expected to continue outpacing supply," Menon told PTI. Citing industry
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