Page 8 - Hotel Industry

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

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

Biki Oberoi: The Perfectionist

On 14th November 2023, Prithvi Raj Singh or "Biki" Oberoi, Executive Chairman of the Oberoi Group of Hotels passed away at 94

Adopted an asset-right model, not asset-light: Top ITC Hotels exec

Chadha said that the new company would have a strong, debt-free balance sheet, with marquee properties and good cash flows

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

'Biki' Oberoi: Hotelier extraordinaire

To convert these concepts into practice, Biki introduced a 'transformation programme' into the existing hotels in the Group

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

Hilton's revenue rises by 12%, beat estimates on record lodging prices

The U.S. hospitality industry in recent months has benefited from pricier rates and a strong rebound in international travel as consumers take advantage of a strong dollar

Accor plans to open 30 new hotels in India in 3-5 years to tap potential

French hospitality major Accor plans to open 30 new properties in India in the next three to five years to tap the huge potential here, according to its Senior Vice President Operations, India and South Asia, Puneet Dhawan. The hotel chain, which has nine brands in India out of 40 from its global portfolio, will also consider introducing more brands in the country to cater to different segments of customers here. "Currently our pipeline is about 30 signed contracts...These are expected (to be operational) in the next three to five years," Dhawan told PTI when asked about the company's expansion plans in India. These properties will be developed by local partners and run by Accor under its existing nine brands in India, including Fairmont, Novotel, Mercure and Pullman, among others. The investments on these new properties will be done by the partners. Some of the cities where the new properties will come up include New Delhi, Chandigarh, Mohali, Bhubaneswar and Amritsar. The ...

Be selective in consumption stocks ahead of ICC World Cup, say analysts

Headwinds for the airlines and QSR sectors, analysts believe, could outweigh the positives in the form of a demand uptick

DB Realty to acquire stakes in 3 hotels for more than Rs 2,300 cr

Mumbai-based D B Realty Ltd on Monday said it will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty and BD And P Hotels for more than Rs 2,300 crore. These deals fall into related party transactions and are done at an arm's length basis, D B Realty said, adding this will enable the company to enter into the hospitality business. In a regulatory filing, D B Realty informed that it has entered into separate share purchase agreements to acquire shares of Bamboo Hotel Global Centre (Delhi) Pvt Ltd, Goan Hotels & Realty Pvt Ltd and BD And P Hotels (India) Pvt Ltd. As per the filing, Bamboo Hotel and Global Centre (Delhi), a joint venture between Prestige Hospitality Ventures Ltd and Marine Drive Hospitality & Realty Pvt Ltd (MDHRPL), is constructing a hotel complex 'Prestige Trade Centre at Aerocity, New Delhi. D B Realty will acquire 10,10,000 Class A equity shares in Bamboo Hotel for a total consideration of Rs 608.88 crore. The property is leased out by ...

Passalacqua in Italy's Lake Como named as best hotel in the world

The tiny, 24-room hotel only just opened in June 2022 after a years-long restoration to its 18th century building-which has played host to guests as illustrious as Napoleon, Churchill, and Bellini

Street Signs: T+3 for IPOs is optional, grey market premium at 25% & more

Hotel stocks are expected to rise due to a robust demand outlook, thanks to significant events happening in the country

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