Page 8 - Hotel Industry

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

Hotel industry's contribution to India's GDP to hit $1 trn by 2047: HAI

The direct contribution of Indian hotel industry to the country's GDP is estimated to touch USD 1 trillion by 2047 driven by a significant jump in domestic tourist visits and international arrivals, according to a report. As per 'Vision 2047: Indian Hotel Industry' report by the Hotel Association of India (HAI) and Benori Knowledge, the direct contribution of the hotel industry to GDP was USD 40 billion in 2022 and is expected to reach USD 68 billion by 2027. By 2047, it will reach around USD 1 trillion, it added. The hospitality industry body also pointed out that for the sector to achieve its target, the accommodation growth will have to go beyond the metros to two and three-tier cities and also to the rural areas. The report, however, clarified that the total contribution includes aspects of services from corresponding industry verticals such as food and beverage, salon & spas but excludes consideration of services market growth and thus taking out scenario-based contribution ..

Chalet Hotels' revenue rises 21% to Rs 310 cr, ARR grows 38% to Rs 10,217

The hospitality revenue came in at Rs 280 crore, up 23 per cent YoY

Demerger of hotel biz will boost capital efficiency ratios of ITC: Analysts

The demerger of the hotels business of ITC Limited into a separate entity will boost the capital efficiency ratios of the diversified conglomerate, equity analysts said on Monday. ITC on Monday announced that the board of the company has accorded in-principle approval to demerge the hotels business into a new entity to be listed pursuant to a scheme of arrangement. "It is a great demerger. It will boost the return on capital of ITC and its capital efficiency ratios will go up by almost 20 percentage points," IIFL analyst Nemkumar said. Under the scheme of arrangement, ITC will hold 40 per cent in the new entity and the balance will be held directly by the company's shareholders proportionate to their holdings. "The demerger process will take around nine to 12 months and every shareholder of ITC holding 100 shares will get 60 scrips of the new entity," Nemkumar said. The market was of course expecting the demerger, he added. Another analyst said that the demerger process will unl

OYO to add 500 hotels in host cities for upcoming Men's Cricket World Cup

The tournament, which begins on Oct 5 and ends on Nov 19, will take place in Hyderabad, Delhi, Dharamsala, Chennai, Lucknow, Bengaluru, Mumbai, Kolkata, and Pune. The final will be played in Ahmedabad

Room rates, occupancy surpass pre-Covid levels for hotels, says report

Mahindra Holidays is aggressively expanding its inventory by acquiring properties and creating more resorts

As the economy rebounds, India's hotel industry may have its best year ever

After posting a hike of 13 per cent in FY22 the ARR of premium hotels is estimated to have increased by 24 to 26 per cent in FY23, a decadal high of Rs 7,500 to 10,000, according to a Crisil report

OYO launches accelerator programme for first-generation hoteliers

It will provide technology, relationship managers, financial support, and access to OYO's network

ITC's diversification into non-cigarette biz shows critical mass in profits

But ITC's strong run currently is not restricted to a single segment - all businesses are on a high

G20, IPL helping hotel industry; surge in demand here to stay: Experts

It is interesting to see that the new business opportunity is fuelled by India's G20 presidency. The G20 meetings have added to the demand in cities that are slated to host key events