Page 6 - Hotel Industry

Royal Orchid Hotels to add up to 35 properties with 2,000 rooms in FY25

Royal Orchid Hotels is planning to add 30-35 new properties with about 2,000 rooms in the 2024-25 fiscal as part of its expansion plans across India, according to its Chairman and Managing Director Chander K Baljee. The company, which operates hospitality properties under the Royal Orchid and Regenta brands, is also looking to expand its wedding destination portfolio by adding four to five locations every year. "We are expanding very fast. We have already crossed 100 hotels, and I think this coming year (2024-25), have already signed up for another 30-35 (hotels to be added)," Baljee told PTI. In terms of places where these new hotels will come up, he said, "We're looking at all over India. In fact, are we trying to focus on places where we are not present right now like Andhra Pradesh, Telangana and some other places". When asked about the total number of rooms that will be added through the new properties, he said, "I think there should be an addition of approximately 2,000 ...

Radisson Group appoints Nikhil Sharma as MD, to take charge from April 1

Radisson Hotel Group on Wednesday announced the appointment of Nikhil Sharma as the Managing Director and Area Senior Vice President for South Asia, effective April 1. In his new role, Sharma will lead Radisson Hotel Group's operations in the dynamic South Asia region, which has over 165 hotels in operation and development. "Nikhil joins Radisson Hotel Group from Wyndham Hotels & Resorts (WHR) where he served as Market Managing Director Eurasia, overseeing business development, operations, new openings, and sales & marketing," Radisson Group stated. Before his time at Wyndham Hotels & Resorts, he held the position of Chief Operating Officer at Ginger Hotels, a brand under the IHCL conglomerate, the statement added. He was also a founding member of the Lemon Tree Hotel Company and a significant contributor to the growth of India's upscale hotel segment. "Nikhil's appointment reflects our commitment to strengthening our leadership team and driving strategic growth in South ..

IHCL to expand skilling centers by 2025; to impart training to 100K by 2030

Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) is planning to increase the number of skill training centres to 50 across India by next year, apart from accelerating online training in partnership with group firm TCS to meet its target of skilling 1 lakh people by 2030, a senior company official said. The company, which has identified skilling as one of the areas of focus under its environmental, social, and corporate governance initiative Paathya, is focussing on rural areas for the skill training programme and is confident that more than 25 per cent of the 1 lakh people who will be skilled by 2030 will be women. It is trying to play its part in bridging the demand-supply gap of skilled workforce in the hospitality industry, which has witnessed robust growth in the last couple of years after the pandemic. "The industry has come back in a very strong way... In the last few quarters in terms of growth, (if it) is anything to go by, we are looking at a very robust path in

JP Morgan extends Rs 200 cr credit line to boost Oyo accelerator programme

Oyo almost doubled its profit after tax to Rs 30 cr in Q3FY24, compared to the previous quarter's Rs 16 crore

OYO parent firm Oravel Stays plans to launch self-operated premium hotels

Oravel Stays Ltd, the parent company of travel-tech firm OYO, on Thursday announced its plans to launch self-operated premium hotels under the Palette brand, beginning with Morbi in Gujarat. As part of a pilot programme, Oravel Stays had earlier launched Palette with 10 hotels in cities, including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru. "To ensure enhanced guest experience and service delivery, the company will take direct operational control of select Palette hotels in high-growth and promising locations. Oravel Stays intends to open 12 additional self-operated Palette hotels by the end of the year," it stated. Further, it said the 48-room premium hotel in Morbi aims to cater to the rising demand for premium accommodation amidst the region's booming economic scene. "With its booming economic scene and growing business opportunities, Morbi is an important market for us. We aim to provide business travellers with a premium hospitality experience and look ..

Apeejay Surrendra Park Hotels Q3 net profit rises 46 pc to Rs 27.42 cr

Apeejay Surrendra Park Hotels Ltd on Monday reported a 46 per cent rise in consolidated net profit to Rs 27.42 crore in the third quarter ended December 31, 2023. The company had posted a consolidated net profit of Rs 18.77 crore in the same quarter last fiscal, the newly-listed firm said in a regulatory filing. Total income during the quarter under review stood at Rs 163.61 crore as against Rs 142.64 crore in the year-ago period. Total expenses in the quarter were higher at Rs 102.99 crore as compared to Rs 89.74 crore in the same period a year ago, the company said. This is the first earnings statement by the company which runs hotels under brands, including the Park, Park Collection, Zone by The Park, and Zone Connect by The Park, after its listing on bourses in February.

Chalet Hotels acquires Marriott property Courtyard for Rs 315 crore

The resort, which came up in July 2022, reported an average daily rate of Rs 13,500 till December 2023 with an occupancy rate of 44 per cent, the company added

Indian hotel industry to report 7-9% revenue growth in FY25: ICRA

The Indian hotel industry is expected to register a revenue growth of seven to nine per cent in the next financial year 2024-25, according to a report by credit rating firm ICRA. ICRA said that sustenance of domestic leisure travel, demand for meetings, incentives, conference and exhibitions (MICE) are the factors which will drive demand in the next financial year, despite a temporary lull during the ensuing general elections. The research firm said that spiritual tourism and Tier 2 cities are expected to contribute meaningfully to the overall demand in the next fiscal. According to ICRA, estimates for pan-India hotel occupancy reached a decadal high of 70 per cent to 72 per cent in the current financial year and next fiscal, as compared to 68 per cent to 70 per cent in 2022-23. Pan-India, average room rates (ARRs) are expected to be around Rs 7,200 to Rs 7,400 in the current fiscal, which is likely to rise further to Rs 7,800 to Rs 8,000 in the next financial year. ICRA holds a .

Eco Hotels and Resorts eyes over 2,000 rooms under its ops by March 2025

Eco Hotels and Resorts is targeting more than 2,000 hotel rooms under its operations by March 2025. Earlier this month, the company inked an initial pact with Vitizen Hotels Ltd (VHL) to acquire a 100 per cent stake of VITS in the VHL. With this acquisition, Eco Hotels and Resorts will operate 20 hotels with around 1,200 rooms. At present, Eco Hotels and Resorts does not have any hotel rooms under its operations. Speaking with PTI, Vinod K Tripathi, Executive Chairman of Eco Hotels and Resorts said, "This breakthrough moment marked by the signing of this momentous MOU and its reflection on our team's dedication to reach ambitious goals through clever decision-making." He explained that with this acquisition, Eco Hotels and Resorts will operate 20 hotels with around 1200 rooms, representing a significant step toward their ambitious goal of acquiring over 2000-plus hotel rooms by March 2025. He informed that that the Eco Hotels and Resorts aims to operate 5,000 hotel rooms in India

Mahindra Holidays to invest Rs 4,500 cr to double room capacity to 10,000

Mahindra Holidays & Resorts India Ltd (MHRIL) plans to invest up to Rs 4,500 crore in the next three to four years to double its room capacity to 10,000, according to company Managing Director and CEO, Kavinder Singh. The company is actively pursuing partnerships with state governments besides setting up new resorts, brownfield expansion and acquisitions to achieve the target to increase room count from 5,000 to 10,000 by FY30. "We have all the strategies on the table to get from 5,000 to 10,000 rooms. We are well on our way there," Singh told PTI. At the moment, about Rs 835 crore of investment is underway for five greenfield, brownfield, and acquisition projects, comprising about 690 keys. "We are very confident this investment will get scaled to at least Rs 2,000 crore in the next year and very quickly we will scale it up to Rs 4,000-4,500 crore in three to four years time because you need to deliver 5,000 keys by 2030," he said. On the strategy for expansion, Singh said apart

MCR Hotels to purchase London's iconic BT Tower for around $347 million

The tower used to provide a number of network operations and antennas for connectivity, but the technology isn't needed any longer

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 .

Reserving success: Hotel stocks thrive as demand checks in for long stay

Ride the wave of Q3FY24 strength, fuelled by rising average room rates and enhanced occupancy

OYO forays into sports hospitality biz, shortlists 100 hotels in 12 cities

Hospitality and travel-tech firm OYO on Thursday announced its foray into sports hospitality business shortlisting 100 hotels across 12 key cities, including Delhi, Chennai, and Bangalore, to cater to large sports events. The sports hospitality business aims to meet the unique needs of large sports events with a focus on providing end-to-end solutions, including providing accommodation to athletes and sports officials participating in various sports events, the company said in a statement. Under the vertical, a wide array of accommodation options, ranging from budget-friendly to premium hotels, will be offered to ensure a comfortable and convenient stay to participants and attendees throughout the event, it added. "The launch of our sports event management unit aligns with OYO's commitment to continuous innovation and customer-centric solutions. With a focus on delivering quality hospitality, OYO plans to offer athletes a conducive and comfortable environment, ensuring they can full

No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT

OYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall

Juniper Hotels' Rs 1,800 crore IPO to open on for bidding on February 21

Juniper Hotels Ltd, which runs hotels under the "Hyatt" brand, on Thursday fixed a price band of Rs 342-360 per share for its Rs 1,800-crore initial public offering (IPO). The maiden public issue will open for subscription on February 21 and close on February 23, the company said in a statement. The IPO is entirely a fresh issue of equity shares worth Rs 1,800 crore with no Offer For Sale (OFS) component. Of the total proceeds, funds to the tune of Rs 1,500 crore will be utilised for payment of debt availed by the company and subsidiaries -- Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited. Besides, a portion will be used for general corporate purposes. Juniper Hotels is promoted by Saraf Hotels Ltd and its affiliate-- Juniper Investments Ltd-- and Two Seas Holdings Ltd, an indirect subsidiary of a global hospitality company Hyatt Hotels Corporation. The hospitality firm has a portfolio of seven hotels and serviced apartments and operates 1,836 keys ac

Radisson Hotel Group added 21 properties in India under 9 brands in 2023

The Radisson Hotel Group on Wednesday said it has accelerated its growth in India by signing 21 hotels under a portfolio of nine brands in 2023. These 21 hotels also include the signing and opening of the group's first property at Ayodhya, in Uttar Pradesh -- Park Inn by Radisson Ayodhya, as the destination gained a lot of national and international attention following the consecration of the Ram Temple last month, Radisson group said in a statement. In India, the Group continues to enjoy a first-mover advantage in the country's key pilgrim destinations. It will soon introduce branded hotels in Vrindavan in Uttar Pradesh and Ujjain in Madhya Pradesh, the statement added. Globally, Radisson Hotel Group added over 30,000 keys to its international portfolio. In the Indian market, Radisson Hotel Group is one of the largest international hotel operators with over 165 hotels in operation and development. It continues to be the largest hotel operator in tier I markets like Delhi NCR ...

Banks are catching up with fintech companies: BlackSoil co-founder

ANKUR BANSAL, co-founder and director of BlackSoil, feels that fintech will see a shakeout even as regulations bring in more clarity enabling the sector to grow

EIH Q3 results: Net profit up 54.6% to Rs 229.9 crore, income up 27.6%

EIH Limited, the flagship company of luxury hotel chain The Oberoi Group, on Tuesday reported a consolidated profit after tax of Rs 229.94 crore in the third quarter ended December, up 54.6 per cent from Rs 151.08 crore in the year-ago period. Total income increased to Rs 769.87 crore, registering a growth of 27.6 per cent from Rs 603.22 crore in the corresponding quarter of the previous financial year, a regulatory filing showed. The company's total expenses rose to Rs 456.01 crore during the quarter under review, from Rs 415.99 crore a year ago.

IHCL signs pact for 77-key hotel in Dibrugarh, Assam under ginger brand

Indian Hotels Company (IHCL) on Tuesday announced the signing of its first 77-key hotel in Dibrugarh, Assam, under the Ginger brand. "This signing is in line with our commitment to north east India where we have been rapidly expanding our footprint. Dibrugarh, an industrial city in Assam, is an important centre for tea trading and serves as a gateway to prominent tourist destinations in the region," IHCL Executive Vice President, Real Estate and Development, Suma Venkatesh said in a statement. The company has partnered with Vela Hotel & Resort LLP for this greenfield Ginger hotel. With the addition of this hotel, IHCL will have six hotels in Assam, including four under development.