Page 6 - Hospitality Industry

Oyo early investors consider partial stake sale at $3.9 billion valuation

The latest stake sale is set at a 60 per cent premium compared to the valuation during Oyo's August 2024 funding round, where prominent family offices invested

Unmarried couples no longer welcome, OYO changes check-in policy

Travel booking major OYO has launched a new check-in policy for partner hotels, starting from Meerut, introducing guidelines effective this year whereby unmarried couples will no longer be welcome to check in. Under the revised policy, all couples will be asked to present valid proof of relationship at the time of check-in, including for bookings made online. OYO has empowered its partner hotels' discretion to decline couple bookings based on their judgment, aligning with local social sensibility, the company said. OYO has given the directive to its partner hotels in Meerut to ensure this with immediate effect. Based on ground feedback, the company may expand this to more cities, people familiar with the policy change said. "OYO has received feedback in the past from civil society groups especially in Meerut urging action to address this issue. Additionally, residents from few other cities have petitioned for disallowing unmarried couples to check-in at OYO hotels," they said. Pawa

Ventive Hospitality IPO gains 9.82 times subscription on last day of offer

As of September 2024, the company's portfolio has 11 operational properties, comprising 2,036 keys across the luxury, upper upscale and upscale segments

Foreign arrivals in India likely to cross pre-Covid levels next year

As the Indian hospitality industry prepares to uncork the champagne to welcome 2025, it is gearing up to roll out the red carpet to foreign tourists, whose arrivals are likely to cross pre-Covid levels next year while looking to continue its significant contribution to the country's economy and make 'India inevitable'. The sector, which is poised to contribute USD 1 trillion to India's economy by 2047, however, is looking up to the government for policy interventions, such as unified licensing, workforce upskilling, and targeted infrastructure investments to enable the vertical meet demand generated by India's drive towards becoming the world's third largest global economy. "India aims to become the third-largest economy by 2047, and the hospitality sector is set to play a pivotal role in achieving this goal. The sector's multiplier effect on the economy surpasses that of manufacturing and agriculture," Hotel Association of India (HAI) President KB Kachru told PTI. Asserting that th

Delhi HC reserves verdict on plea against ban on eateries' service charge

The Delhi High Court on Friday reserved its verdict on the petitions by restaurant bodies challenging the guidelines prohibiting hotels and restaurants from automatically levying service charge on food bills. "Arguments heard. Judgement reserved," said Justice Prathiba M Singh. Federation of Hotels and Restaurant Associations of India (FHRAI) and National Restaurant Association of India (NRAI) moved court in 2022 by filing two separate petitions. The guidelines, issued by Central Consumer Protection Authority (CCPA) on July 4, 2022, were stayed by the high court later that month. The counsel for FHRAI, in his rejoinder submissions on Friday, asserted the CCPA had no power or jurisdiction to impose such a ban, without following the principles of natural justice. "Merely holding a meeting with the industry body is not in compliance of natural justice," he said, "the guideline could only be advisory in nature". He said the service charge was levied on customers for the benefit of th

Kolkata-based Jain Group to invest Rs 500 cr in hospitality sector by 2030

The group aided Sarovar brand's re-entry into Kolkata after a gap of 5 years. Sarovar Portico Kolkata at Rajarhat was launched on Wednesday, a 128-key mid-market hotel

Samhi Hotels shares rally 9% after turnaround in Q2FY25: Ebitda up 81%

Samhi Hotels share price scaled up to 9.12 per cent at Rs 204 per share on the BSE in Wednesday's intraday deals

IPO-bound OYO rejigs top leadership; COO shifted to advisory role

IPO-bound OYO on Friday announced five additions to its leadership team, with Sonal Sinha being appointed as Chief Operating Officer (COO)? International and Rachit Srivastava as the COO of OYO Vacation Homes in Europe. Besides, Shashank Jain will take over as Head of Technology & Online Revenue; Pankhuri Sakhuja will lead German home listings business Traum & flex-space business Innov8 and Ashish Bajpai has been promoted to Head of Revenue & Global OTA (online travel agency). OYO Founder & Group CEO Ritesh Agarwal said, "As we pursue our growth objectives, agility and decisive action remain at the core of our strategy. "Our leaders are continuously adapting and expanding their roles to stay ahead of evolving market dynamics and drive our business forward. I congratulate Sonal, Rachit, Shashank, Pankhuri and Ashish on their new roles. Having been with OYO for a significant period, they understand OYO and its values and have been critical to our success." OYO's Global ..

SAMHI Hotels to acquire Innmar Tourism for enterprise value of Rs 205 cr

Innmar Tourism and Hotels, incorporated in October 2003, had a turnover of Rs 24.76 crore in FY24

Sluggish foreign tourism recovery impacts India's hospitality industry

The post-pandemic recovery in India's inbound tourism is lagging the global trend

Greenfield boom: Hotel investments in India return to pre-pandemic high

Return to pre-pandemic levels; Indore, Kanpur, Bhubaneswar among cities witnessing rise in demand for such projects

Statsguru: Tourism industry shows recovery but challenges remain

The tourism sector is facing a year-on-year decline in the share of jobs created

Ventive Hospitality files papers with Sebi to raise Rs 2,000 cr through IPO

The Pune-based company's IPO is completely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP)

India's hospitality sector attracts $93 million investment in H1 of 2024

Listed hotel companies lead hotel transactions in H1 2024

Hilton to tap luxury travel trend in Asia Pacific, eyes 150 properties

Global hospitality major Hilton on Wednesday said it plans to cross 150 luxury hotels in the Asia Pacific region in the coming years, driven by new openings including India. The company, which plans to quadruple its luxury portfolio across the region compared with the end of 2023, is seeking to tap the rising luxury travel trend and a desire among customers to better understand their heritage through travel. "From Tokyo to Maldives, Shanghai to Jaipur '? the luxury segment is growing exponentially and Hilton's luxury brands are poised to capture the significant opportunity across the region," Hilton Asia Pacific President Alan Watts said in a statement. The company said the addition of properties, such as Lanson Place Causeway Bay Hong Kong and Gangtey Lodge, Bhutan from Small Luxury Hotels of the World, Hilton's luxury pipeline in Asia Pacific continues to gain momentum. Recent signings, including Waldorf Astoria Jaipur and Conrad Jaipur in India, and Conrad Yokohama in Japan, ...

Strong prospects, valuations to drive gains for hotel companies' stocks

Occupancy may improve by up to 5 per cent, with the average room rate growing at 7-8 per cent over three years

Relief to Tata's IHCL; Delhi HC bars 'Taj Iconic' from using 'Taj' name

Delhi High Court has ordered the MD of Taj Iconic to pay Rs 10 lakh in damages and Rs 5 lakh in costs to IHCL, in a trademark lawsuit filed by the Tata Group

IPO-bound hotel chain Oyo aims three-fold profit surge to over Rs 700 crore

Earlier this year, OYO reported its first PAT of nearly Rs 229 crore for the financial year 2023-24 (FY24). OYO achieved a PAT of about Rs 132 crore in Q1 FY25

Oyo posts first-ever annual profit of Rs 229 crore in FY24, eyes expansion

The company's total costs decreased by about 13 per cent to Rs 4,500 crore in FY24 from Rs 5,207 crore in the previous year

Heavy rains impact food delivery and quick commerce in north India

Poor road conditions and waterlogged streets amid heavy rainfall have led to an increase in undelivered orders