Page 9 - Hospitality Industry

Oyo opens 65 homestays, hotels in Ayodhya ahead of Ram temple consecration

Hospitality tech platform OYO on Wednesday said it has opened 65 homestays and hotels in Ayodhya for pilgrims ahead of the Ram Temple consecration. The newly opened properties include 51 OYO homestays and 14 hotels in the city. These have been added to support the anticipated surge in visitors after the consecration ceremony of the Ram Temple on January 22, the company said in a statement. "To ensure smooth and timely operations, OYO has partnered with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation," it added. The properties were inaugurated jointly by UP Deputy Chief Minister Brijesh Pathak; BJP National General Secretary B L Santosh; UP Minister for Tourism & Culture Jaiveer Singh; and state Agriculture Minister Surya Pratap Shahi. "These newly inaugurated properties will increase our accommodation capacity and ensure a smooth experience for the pilgrims," the statement said, quoting Pathak. He further said, "OYO's focus on local ..

OYO plans 400 properties at spiritual places, including Ayodhya, in 2024

Hospitality tech platform OYO on Monday said it is planning to launch 400 properties in major spiritual destinations like Ayodhya, Varanasi, Tirupati, and Katra-Vaishno Devi by the end of this year. The planned expansion in major spiritual hotspots across the country has been fuelled by a surge in domestic travel and rising interest in spiritual tourism, OYO said in a statement. The hospitality platform has selected various destinations, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and Char Dham route, to launch properties. There has been a 350 per cent increase in searches for Ayodhya on the OYO platform over the past year, driven by the upcoming opening of the grand Ram Mandir on January 22, 2024, it added. "Spiritual tourism in India is on the precipice of a monumental surge, poised to be one of the biggest growth drivers of our industry in the coming five years. The opening of the Ram Mandir in Ayodhya stands as a testament to thi

Hotel stay in India may cost you 7-10% more in 2024, 15% in Delhi, Mumbai

The market cap of listed hotels, at Rs 1.2 trillion, is expected to reach 1.5 trillion by the end of 2024

In 2024, hospitality sector to tap opportunities in underserved Indian mkts

As per analysts' estimates, Chhatwal, who is also the Managing Director and CEO of Indian Hotels Company Ltd (IHCL), said the sector had clocked a 14 per cent growth in Revenue Per Available Room

Targeting 20% revenues from non-lounge services in 5 years: DreamFolks CMD

The company currently earns 99% of its revenues from providing technology solutions connecting banks (and their debit and credit cards) with airport lounges

IPO-bound Oyo elevates Rakesh Kumar as new chief financial officer

Kumar will replace Abhishek Gupta, who will continue with Oyo in "an advisory and mentorship capacity

Hospitality industry expects hiring to speed up after robust growth in 2023

The Indian hospitality and tourism sector is expected to see accelerated hiring going forward after witnessing a robust growth this year with domestic travels leading the way, according to industry players. With a report by the Hotel Association of India (HAI) projecting the hotel industry's direct contribution to India's GDP to reach USD 1 trillion by 2047, experts believe there will be a minimum of 25 per cent rise in the need for workforce, with the adjacent industries like travel, aviation, ticket booking, travel guides, and consultants to be increasingly in demand. "The hotel industry's direct contribution to India's GDP reaching USD 1 trillion by 2047 is a significant milestone. This substantial growth will undoubtedly bolster job creation within the sector, providing employment to millions of individuals across diverse skill sets," HAI Vice President K B Kachru told PTI. Kachru, who is also Chairman Emeritus & Principal Advisor, South Asia Radisson Hotel Group, further said

Oyo restarts self-operated hotels, targets 200 new premium properties

As part of the program, OYO will secure annual, long-term management contracts on a revenue-share basis for 200 premium hotels across Indian metros

Hoteliers optimistic on current economic scenario, future prospects: Report

A significant number of Indian hoteliers have expressed optimism over the current economic scenario and future prospects, as occupancy rates have increased over the past six months, a report said on Wednesday. Business sentiment among Indian hoteliers continues to remain strong, with nearly half (49 per cent) reporting an increase in average room rates, and an even higher number (55 per cent) said there has been an increase in occupancy rates over the past six months, the report titled Indian Accommodation Barometer 2023 by Booking.Com said. The gradual return of international travellers, along with the opportunities presented by digitalisation and interest in sustainable travel, also add to this upbeat mood, it noted. The report is based on a survey conducted between July 17 and August 25 via telephonic interviews. Around 250 executives and managers from the Indian travel accommodation sector (hotels and holiday rental providers) participated in the survey. The report also found t

Zubin Saxena succeeds Navjit Ahluwalia as Hilton's senior VP, country head

Zubin Saxena will take charge in January 2024; he was previously working at the Radisson Hotel Group for over eight years

PRS Oberoi: Remembering the man who redefined the Indian hospitality

The restaurateur inherited the business from his father Mohan Singh Oberoi, the pioneering founder of the group that now operates 32 hotels and has presence in seven countries under multiple brands

Who was Biki Oberoi, the man who set high standards in hospitality industry

Born in 1929, Biki Oberoi was the executive chairman of EIH Limited, the flagship company of the Oberoi Group, from 2002 to 2022

PRS Oberoi, pioneer of Indian hospitality industry, passes away at 94

In 2008, Oberoi was awarded the Padma Vibhushan, India's second-highest civilian honour for his contributions to the hospitality industry

In India, just asset-light model doesn't work: IHCL's Puneet Chhatwal

A combination of asset-light and asset-heavy is the right formula, driving absolute returns in its owned portfolio where the operating leverage is currently higher, he said

Barbeque-Nation posts net loss of Rs 12.37 cr in second straight quarter

India's retail inflation remained above the Reserve Bank of India's 2%-6% tolerance for most of the reporting quarter, and eased to 5.02% only in September

Hospitality major EIH Q2 net profit rises over 4-fold to Rs 94.14 cr

Hospitality major EIH Ltd on Friday reported an over four-fold rise in its consolidated net profit to Rs 94.14 crore in the second quarter ended September 30, 2023, driven by higher revenue. The company, which owns and operates hotels and resorts under the Oberoi and Trident brands, had posted a consolidated net profit of Rs 22.35 crore in the year-ago period, EIH Ltd said in a regulatory filing. Consolidated revenue from operations was at Rs 530.57 crore in the quarter under review as against Rs 401.05 crore in the corresponding period a year ago, it added. Total expenses in the second quarter were higher at Rs 426.43 crore as compared to Rs 355.9 crore in the last fiscal. EIH Ltd Executive Chairman Arjun Oberoi said the company achieved "exceptional financial results in the second quarter. We've seen a significant growth in both revenue and profitability." He further said the company is committed to expanding its presence in key markets.

Montana group, KHPL join forces to open Carls Jr restaurants in India

The Montana group, a leading player in the food and beverages industry, has entered into an agreement with Kiscon Hospitality to set up an equal joint venture which will invest USD 10 million for opening more than 50 Carls Jr restaurants. Kiscon Hospitality holds the franchise rights for California-based premium burger chain Carls Jr. This partnership is set to invest USD 10 million with the goal of opening 50-plus new Carls Jr restaurants in three years, the company said on Saturday. Reigniting the brand with the presence of 3,800-plus outlets globally in 39 countries Carl's Jr is serving chargrilled Californian burgers since 1941. The partnership between the Montana group and KHPL signifies a commitment to revitalize and relaunch this brand in the Indian market, the company release said. The collaboration aims to bring the essence of California's culinary excellence to discerning Indian consumers. Monty Singh, founder and Chairman of the Montana group, said, "With our USD 10 mi

Hotel industry to clock double-digit revenue growth in FY24: Report

The hotel industry will report double-digit revenue growth in FY2024, supported by the sustenance of domestic leisure and business travel and an increase in foreign tourist arrivals, rating agency Icra said on Wednesday. The industry has also benefitted from the G20 summit and ongoing ICC World Cup 2023, it added. Icra estimates pan-India premium hotel occupancy at around 70-72 per cent in FY24, after recovering to 68-70 per cent in FY23. Pan-India premium hotel average room rates (ARRs) are expected to be at around Rs 6,000-6,200 in FY2024, it said. According to Icra, the medium-term demand outlook also remains healthy, supported by a confluence of factors, including improvement in infrastructure and air connectivity, favourable demographics, and anticipated growth in large-scale MICE (meetings, incentives, conferences, and exhibitions) events with the opening of multiple new convention centres in the last few years. Icra Vice President and Sector Head Corporate Ratings Vinutaa

Goodricke hopes to return in black this fiscal, looks to diversify

Tea major Goodricke Group Ltd, a part of the UK-based Camellia Plc, is hoping to return in black this fiscal and looking to diversify into the hospitality sector with an aim at offsetting its losses in the plantation business in Darjeeling, Managing Director and CEO Atul Asthana said. The company, however, is expecting a flat growth in tea production this year to around 32 million kgs, including the output of its three subsidiaries, and is likely to witness a de-growth in revenue in the current fiscal as "subdued tea prices" remain a concern for it, he said. The group will look for acquisitions of gardens in Assam in near future, particularly after the industry gets rid of the "current difficult phase", he said. "The Goodricke and its subsidiaries together annually produce around 30 million kgs. There will be a flat growth this year as output is expected to be 32 million kgs. The revenue of the group as a whole was around Rs 1,200 crore last year but we may witness a de-growth in ..

Focus more on niche products to tap market demand: Global Travel Market

The first edition of Global Travel Market (GTM 2023) and expo drew to a close here on Saturday with leading players of travel and hospitality sector calling for stepping up promotional efforts focusing more on niche areas like experiential travel, wellness and heritage to tap the full potential of post-pandemic surge in tourism. The four-day event, which saw a large number of business decisions being clinched during the B2B sessions by stakeholders from around the world, also stressed on firming up sectoral collaborations and government-industry relations to impart a further momentum to the highly promising sector. GTM 2023 was organised by South Kerala Hoteliers Forum (SKHF), Trivandrum Chamber of Commerce and Industries (TCCI), Tavaz Ventures, Metro Media and Citrine Hospitality Ventures, a statement said here on Saturday. GTM CEO Siji Nair said the expo had participants from around 24 countries and more than 20 states, making the event a grand success. Overall, more than 1,000 .