Page 10 - Hospitality Industry

Espire Hospitality plans to have 20 hotels by FY25 with Rs 560 cr capex

Espire Hospitality Group is planning to have 20 operational properties by 2024-25, with a capex of Rs 560 crore under its brands - Zana, Country Inn Express and Country Inn Premier, a top company executive said on Saturday. "Currently, we have 10 hotels in the portfolio under the 5 star luxury boutique resort brand 'ZANA - a Luxury Escapes' and the 4 star brand 'Country Inn Hotels and Resorts', with 780 keys. In this financial year, we are adding 200 more keys (3 ZANA resorts) to reach 13 operational hotels with 980 keys," Espire Hospitality Group Chief Executive Officer Akhil Arora told PTI. The capex, through in-house funding, will also be utilised in phases for renovating, leasing and upgrading the existing hotels, he added. The hospitality group, Arora said, is exploring both green-field as well as brown-field properties in leisure destinations like Goa, Uttarakhand, Rajasthan and Himachal Pradesh. "We are exploring opportunities in leisure destinations as well as tier I cities

Travel and tourism industry's hiring demand up 44% YoY in August: Report

Sales and business development roles have the highest hiring demand in the travel & tourism industry, and demand for gig workers, such as photographers, event planners, etc have increased by 14%

OYO set to report maiden profit of over Rs 16 crore in Q2: Report

Oravel Stays Ltd, which operates travel tech brand OYO, is set to report its first-ever profit after tax of over Rs 16 crore in the current quarter ending September, according to an email sent by OYO's founder and CEO Ritesh Agarwal to the company's top management on Tuesday, sources said. "This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore," Agarwal said in an email to the company's leadership, seen by PTI. Talking about future growth prospects, Agarwal said: "We see immense potential in future growth markets like the US & UK where we are dedicated to instilling confidence in our patrons and utilizing innovative technologies, such as contactless check-in, to cater to their evolving needs of the customer." He also informed that as per the just-released annual ...

OYO added 2,800 new corporate clients in Jan-July, up 11.75% YoY: Report

Hospitality tech platform OYO has added nearly 2,800 corporate clients during the January-July 2023 period, up 11.75 per cent year-on-year, according to a report. The company in its report titled 'OYO Business Travel Trends Report 2023' revealed that it recorded 20 per cent revenue growth from business travel in January-July 2023 against the year-ago period. "OYO had added 2,471 corporate clients in the same period last year recording nearly 12 per cent YOY (year-on-year) growth," the report said on Friday. The report also said that Hyderabad has emerged as the leading city, adding 660 corporate clients, followed by Gurugram with 593 clients, Delhi with 343 clients, Bengaluru with 315 clients, Mumbai (282 clients), Kolkata (268 clients) and Pune (218 clients). Many other business hubs such as Noida, Lucknow, Kochi, Jaipur, Chennai and Coimbatore have contributed to the growth. Hyderabad has also contributed the most towards revenue growth followed by Pune, Delhi, Gurugram and ...

EIH hits 52-week high as promoter Oberoi Group partners Reliance Industries

Reliance Industries and The Oberoi Hotels and Resorts will jointly manage three properties across India and the UK

Reliance partners with Oberoi Hotels to co-manage hospitality ventures

Reliance Industries on Thursday announced that it has entered into an understanding with The Oberoi Hotels and Resorts (Oberoi) to jointly manage three properties across India and the UK.The trio of properties includes the upcoming Anant Vilas Hotel situated in Mumbai's Bandra Kurla Complex (BKC), the iconic Stoke Park in the UK, and another planned project in Gujarat.Oberoi Hotels was voted the World's Best Hotel Brand at the Travel + Leisure, USA World's Best Awards, 2022.Anant Vilas has been conceived as the first metro-centric property as part of the iconic luxury 'Vilas' portfolio run by Oberoi. Anant Vilas is located in the bustling business district of Bandra Kurla Complex in Mumbai which is fast becoming a mixed-use destination with business, hospitality, shopping, F & B, arts and culture, educational and residential uses and high footfall of citizens and visitors to the city.Anant Vilas seeks to augment the hotel footprint of the business district with an iconic ...

Fully booked, hotels turn to curated menu and security for G20 meet

Five-star hotels across New Delhi are all booked out for the upcoming Leaders' Summit to be held from 9-10 September

Hospitality firm EIH's net profit rises 61% to Rs 106 crore in Q1

Hospitality firm EIH Ltd on Tuesday reported an increase of 61 per cent in its consolidated net profit to Rs 106.03 crore in the June quarter. EIH, the flagship company of the Oberoi Group, had reported a net profit of Rs 65.86 crore in the April-June period a year ago. Its revenue from operations was up 26.32 per cent to Rs 498.10 crore in the first quarter of the current fiscal as against Rs 394.29 crore of the corresponding quarter, EIH said in a BSE filing. EIH's total expenses during the quarter were up 13.77 per cent at Rs 380.74 crore, while its total income was Rs 522.60 crore, an increase of 26.74 per cent as compared to the year-ago period. "We are delighted with the remarkable financial performance for the first quarter of FY24. The significant growth in revenue and profitability reflects the dedication of our team and the enduring trust of our valued guests," EIH Chief Executive Officer and Managing Director Vikram Oberoi said. EIH owns and operates a portfolio of hote

Aditya Birla Group expands its portfolio, adds four restaurant brands

Aditya Birla New Age Hospitality (ABNAH) has added four restaurant brands, namely Hakkasan, Yauatcha, Nara Thai, and CinCin to its portfolio

Peerless Group to invest Rs 1,000 cr in capex; focuses on hospital, realty

The Peerless Group on Monday announced ambitious plans to invest over Rs 1,000 crore in capital expenditure over the next three years, a major portion of which will be channelled into the development of hospital and real estate projects. In the financial year 2022-23, the Peerless Group reported a revenue of Rs 635 crore from operations. This notable increase of 22 per cent over the previous fiscal's revenue of Rs 520 crore has been seen as a successful outcome of the company's transformation efforts undertaken last year, the company said. "While transformation is a long journey, during the last year, we have seen early results. Before Covid, our annual growth rate of revenue for the entire group used to be around 6 per cent. During FY23, we have been able to shift the growth rate to 22 per cent," said Peerless Chairman Partha Bhattacharyya. Profit before tax during FY'23 was Rs 196 crore against Rs 149 crore achieved in FY'22. The group's flagship Peerless General Finance & ...

Demerger of hotel biz will boost capital efficiency ratios of ITC: Analysts

The demerger of the hotels business of ITC Limited into a separate entity will boost the capital efficiency ratios of the diversified conglomerate, equity analysts said on Monday. ITC on Monday announced that the board of the company has accorded in-principle approval to demerge the hotels business into a new entity to be listed pursuant to a scheme of arrangement. "It is a great demerger. It will boost the return on capital of ITC and its capital efficiency ratios will go up by almost 20 percentage points," IIFL analyst Nemkumar said. Under the scheme of arrangement, ITC will hold 40 per cent in the new entity and the balance will be held directly by the company's shareholders proportionate to their holdings. "The demerger process will take around nine to 12 months and every shareholder of ITC holding 100 shares will get 60 scrips of the new entity," Nemkumar said. The market was of course expecting the demerger, he added. Another analyst said that the demerger process will unl

OYO launches 'Spotless Stay' programme; to conduct hotel audits for upkeep

Hospitality technology platform OYO on Thursday said it has launched a 'Spotless Stay' programme as part of which it will conduct audits of hotels to assess them for overall upkeep and maintenance. As a part of the Spotless Stay programme, hotels with high cleanliness ratings from customers will be awarded benefits such as high search rankings, OYO stated. The company's on-field officers will conduct a comprehensive on-ground audit of one property every day, leading to a total of over 3,000 audits each month. This number will be scaled to 6,000 audits per month by October 2023. "The hotels will be carefully assessed for overall upkeep and maintenance of the property, cleanliness, in-room hygiene, maintenance of upholstery and linen, and washroom cleanliness, while also taking into account the customer ratings received during the week prior to the audit. The property owners will be asked to conduct an overhaul and thorough deep cleaning, including replacement of upholstery, linen, .

OYO to add over 1,000 hotels by Dec, to target 100 first gen hoteliers

Hospitality technology platform OYO on Wednesday said it will add over 1,000 hotels to support over 100 first-generation hoteliers by December 2023 as part of its accelerator programme. The company launched its accelerator programme in March this year with a target of supporting 50 first-generation hoteliers. OYO has already added more than 300 hotels operated by 30 hoteliers since the announcement of the plan which is higher than the initial target of adding 200 properties in the first phase of the programme, the company said in a statement. "Since the unveiling of our Accelerator Program, we have been actively engaging with our hotel partners to gather their insights, concerns, and suggestions," OYO Chief Merchant Officer Anuj Tejpal said. The company is also offering financial assistance to facilitate expansion in new markets. It has already extended support worth Rs 10 crore, it added. With the Indian hospitality sector showing signs of promising growth in the next few years,

Hotel chains smell business opportunity in small towns, off-beat locations

Hotel companies are working fast to take advantage of being the first mover at these locations

Radisson Hotel Group signs 11 new hotels across brands this year till April

Global hospitality company Radisson Hotel Group on Thursday said it has signed 11 new hotels across brands between January-April this year in key gateway cities and emerging destinations of the country. These new hotels are present across Hyderabad, Bengaluru, Ujjain, Raipur, Sonamarg, Manali, Kerala and Visakhapatnam, Radisson Hotel Group said in a statement. The group also announced the debut of its luxury lifestyle brand, Radisson Collection, in India with the signing of the first hotel in Hyderabad while expanding its portfolio across other brands, including Radisson Blu, Radisson, Park Inn & Suites by Radisson, and Radisson Individuals Retreats. With these signings, the group has 110 operating hotels in over 64 locations across the country. "2023 marks a significant milestone for us as we have successfully completed our 25-year journey in the Indian market. To translate our ambitious five-year expansion plan, we have signed 11 new hotels since January and have a strong ...

Chinese hospitality major H World Group sells stake in OYO for Rs 75 cr

Chinese hospitality major H World Group Ltd is understood to have sold 0.15 per cent stake of OYO for around Rs 75 crore, valuing the Indian hospitality and travel-tech firm at around USD 6.5 billion, according to sources. H World Group (HWG), which held 0.78 per cent shareholding in Oravel Stays Ltd that runs OYO, sold around one crore shares to a clutch of UAE-based family offices and institutional investors in a series of transactions, people in the know of the development said. The transactions, which were done in multiple tranches primarily over the course of 2022, have earned H World Group over Rs 75 crore, they said. "This implies a valuation of USD 6.5 billion for OYO," a person added. Following the transactions, the holding of NASDAQ-listed H World Group (HWG) has come down to 0.63 per cent, which is now valued at over Rs 300 crore. When contacted an OYO spokesperson declined to comment. HWG had acquired a stake in OYO in 2017 for USD 10 million at a reported valuation o

Indian hospitality sector on a comeback trail with promising growth-report

CBRE reports investments in the Indian hospitality sector to exceed $2.3 bn in the coming two to five years

Hospitality industry flocks to Ayodhya as religious tourism gains momentum

Hospitality industry is flocking to Ayodhya as religious tourism in India witnesses accelerated growth and the upcoming Ram Temple is adding another attraction to the historical site. From leading 5-star brands like the Taj, Radisson and ITC Hotels to budget players such as OYO, companies lining up to open new hotels there have their share in the 25,000 rooms envisaged in future by the Uttar Pradesh government. Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) plans to open two new properties, and Radisson also has a similar plan. Another major player, ITC Hotels is also exploring opportunities in Ayodhya to cater to increased demand that is projected to reach 4 crore visitors annually by 2031 under the Ayodhya Master Plan 2031, up from 2 crore visitors at present. At the other end of the spectrum, OYO plans to add 50 new properties -- 25 homestays and 25 small and medium hotels with 10 to 20 rooms each -- in Ayodhya in 2023 under a collaboration with Ayodhya Development

Job opportunities in hospitality sector rose by 60% in last year: Report

The demand for jobs in the hospitality sector rose 60 per cent in the last one year, mainly due to resumption of travel post the pandemic, according to a report. There is a growth of about 60 per cent in job postings and 20.10 per cent increase in job seeker interest in the hospitality sector, indicating recovery of the hospitality industry, global job site Indeed said in its report. The report, released on Friday, is based on an analysis of data on Indeed platform from March 2022 to March 2023. Delhi-NCR emerged as the top city for hospitality job opportunities, with a 20.37 per cent rise in job postings over the past year, followed by Mumbai and Bengaluru. With increasing inter-state travels, there continues to be a rising demand for job opportunities in the hospitality sector, it added. "The hospitality sector was perhaps one of the most affected industries since... the pandemic. The growth trajectory of this field has truly been impressive as it continues to grow at a rapid pa

Tier-II cities experience expansion of Hotels as leisure travel grows

The sector closed the year with occupancy in the range of 59-61 per cent, up 15-17 percentage points (pp) over the previous year and only 5-7 pp lower than the full year of 2019