Page 7 - Hotel Industry

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.

Apeejay Surrendra Park Hotels to ramp up portfolio to 4,603 keys in 5 years

The hospitality brand, which started its first hotel on Park Street in Kolkata, has about 30 hotels across 20 cities today - 7 are owned and 3 leased

IHCL Q3 results: Consolidated profit after tax rises 18% to Rs 452 crore

The Indian Hotels Company (IHCL) reported a 18 per cent growth in consolidated Profit After Tax (PAT) to Rs 451.95 crore in the December quarter, on strong performance in all verticals. The hospitality company's PAT stood at Rs 382.71 crore in the year-ago period, the company said in a statement. The company's revenue from operations grew 16.49 per cent to Rs 1,963.84 crore in the third quarter of the ongoing fiscal compared to Rs 1,685.80 crore a year ago. IHCL Managing Director and CEO Puneet Chhatwal told PTI that the performance during the quarter was driven by strong performance in all verticals. "IHCL reported an all-time high consolidated PAT margin of 22.6 per cent, marking seven consecutive quarters of record financial performance. This robust performance was enabled by 'same store hotels' clocking RevPAR premium across markets and segments, and the scaling of new businesses," he said. The company's new business vertical comprising Ginger, Qmin, ama Stays & Trails, The ..

American firm signs pact with UP tourism for 100-room resort in Ayodhya

This uptick has spurred increased investment in the hospitality sector to enhance tourism potential and cater to the growing influx of visitors

Day 2: Ayodhya chock-a-block as Ram Temple opens doors for public

Hotels booked out, travel platforms launch holiday packages, businesses join in with special-edition products

Goa, Jaipur, and Udaipur tourist favourites for Republic Day weekend

According to travel platform Make My Trip, Goa followed by Jaipur and Udaipur remained the leading choice of getaways for travellers

Industry gives call to regularise hotels in state's residential areas

Hotel owners feel that if their problems are resolved, Rajasthan will progress significantly in tourism

Indore college prepares edible crockery from millets to replace plastic

The institute claims it will help people to choose alternatives to plastic and using edible crockery will also improve their health

Puneet Chhatwal takes over as FAITH chairman; will also remain Prez of HAI

Chhatwal is the managing director and chief executive officer at Indian Hotels Company Limited. He will be taking over from Nakul Anand, the former executive director at ITC Hotels

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

Rajasthan CM to resolve problems of industry and boost job creation

The government also assured them that their problems would be resolved as soon as possible to make Rajasthan a developed state

Hoteliers cash in on New Year festivities, no impact of Covid-19 resurgence

Hospitality players are cashing in on the New Year festivities as the high spirits of celebrations are leading to a surge in dining out and bookings in resort destinations, with the news of the COVID-19 resurgence not denting the festive sentiment. Some players said they have witnessed room for revenue growth of 19 per cent in the year-end compared to the same period last year. "The news of COVID resurgence has not dented the festive sentiment, and besides, hospitality establishments adhere to stringent safety protocols. Overall, there is positivity and merriness in the air," Federation of Hotel & Restaurant Associations of India (FHRAI) president-elect Pradeep Shetty told PTI. He was responding to a query on whether the resurgence of COVID-19 has impacted year-end and New Year bookings. In fact, he said, "The festive fervour is ablaze across all major metropolitan cities, reflecting the high spirits of celebrations. Dining out experiences are witnessing a remarkable surge, ...

IHG Hotels & resorts focused on bringing more luxury offerings to India

The company's market share grew by 1.2%, biz surpassed pre-Covid levels

Hotel demand surge in HP; record 28,210 vehicle cross Atal Tunnel in a day

The craze to visit Atal Tunnel propelled hotel occupancy in key hill resorts of Shimla, Manali to 90 per cent, as a record 28,210 vehicles crossed the Atal Tunnel on a single day on Sunday (December 24). After snowfall at Atal tunnel on Saturday, tourists made beeline to the tunnel and a record number of 28,210 vehicles crossed Atal Tunnel on Sunday, according to Lahaul and Spiti police on Monday. The hoteliers are upbeat as the local MeT office has predicted rain in mid hills and rain and snow in higher hills on December 30 and 31. The occupancy is around 90 per cent and the Manali Carnival from January 1 to 6, which would showcase local culture and cuisines, would boost tourist arrival in the year-end, said President of Federation of Himachal Hotels and Restaurant Associations (FOHHRA) Gajender Thakur. "We welcome the tourists, who have come to the State in lakhs," said Chief Minister Sukhvinder Singh Sukhu, adding that Himachal has stood up again after the disaster to welcome th

ITC to ramp up hotel room inventory by 50% in the next five years

The company, at its institutional investors and financial analysts day on Tuesday, said that it was targeting to reach 200 hotels

Thanks to wedding season, hotel industry likely to sustain growth in H2FY24

There are likely to be 3,800,000 weddings during the ongoing season, according to the Confederation of India Traders (CAIT), which is expected to generate Rs 4.7 trillion worth of business

A nod to the old and the new at iconic Taj Mansingh hotel in Delhi

The hotel has spent close to Rs 250 crores in renovation. These changes - a homage to the past while future proofing the hotel - have been made to cater to the evolving needs of patrons

Hospitality company Peerless Hotels eyes doubling of rooms over five years

Peerless would also look for partners so that the properties can be reached to different feeder markets