Page 9 - Hotel Industry

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

Hotels' body seek fee cut on bar licence, no limit on minimum liquor stock

Operating bars at hotels and restaurants has become unviable due to higher licence fee and mandatory requirement of minimum liquor stock irrespective of sale volume, Federation of Himachal Hotel and Restaurant Association said on Wednesday. Members of the hotel body met here to discuss various issues related to the industry. Hotels have limited clientage and the profitability of the bar totally depends on the guests staying in the hotels. Moreover, there is a complete ban on drinking and driving in the larger interest of the safety of general public and therefore local clients rarely visit hotel bars, the association said in a statement. The hotel industry business in Himachal Pradesh is seasonal and therefore the licence fee for bars should be less and there should not be the mandatory quota for liquor stock for hotels having bar facilities, said Gajendra Thakur, president of Federation of Himachal Hotel and Restaurant Association. Bar operators also suggested creating different .

FHRAI meets Nirmala Sitharaman, seeks infra tag for hospitality industry

Representatives from Federation of Hotel & Restaurant Associations of India met Finance Minister Nirmala Sitharaman on Thursday and sought granting of infrastructure status to the hospitality industry in the forthcoming Budget. Currently, hotels built with an investment of Rs 200 crore or more have been accorded infrastructure status under the RBI infrastructure lending norm criteria. The association has requested that this threshold be brought down to Rs 10 crore to give a fillip to budget segment hotels. This will enable hotels to avail term loans at lower rates of interest and also benefit from longer repayment periods. It has also requested for hospitality to be classified as an industry that's applicable across the country and create a corpus which compensates states for any notional loss, the association argued. "FHRAI put forth to the minister specific requests with special emphasis on granting infrastructure status to the hospitality industry," a release stated. The ...

Hotel biz to rise 23% in FY22 over pre-Covid period: CRISIL Ratings

The Indian hotel industry is likely to witness 23 per cent growth in revenue this fiscal over the pre-pandemic level, driven by a strong recovery in business travel and continued traction in leisure travel, according to a report. Higher average room rates (ARRs) and occupancy will help the hotel industry log a strong improvement in profitability to around 34 per cent this fiscal compared to 24 per cent in the pre-pandemic period (fiscal 2020), Crisil Ratings said in a report. Revenue, on its part, will increase 23 per cent over the pre-pandemic level, riding on a strong recovery in business travel and continued traction in leisure travel, it added. "Leisure travel had gained traction post the Delta wave last fiscal, while business travel has started picking up steadily after a much milder Omicron wave in January 2022. This has been fuelling demand in the MICE (meetings, incentives, conventions and events) segment," Crisil Ratings Senior Director Mohit Makhija said. Crisil Ratings .

Hotels roll out red carpet as big fat Indian weddings make a comeback

2.5 million marriages may get solemnised during the wedding season starting next week; tariff at hotels up by a record 25-30% over 2019-20 levels

Hotel stocks order room service: See strong Q1, a stronger outlook

Inbound tourism, higher occupancies, and lean cost model are positives for listed hospitality majors

With new hotel brands, ITC checks in with 'house of brands' model

ITC has launched two brands - Storii, in the boutique premium segment, offering immersive experiences, and Mementos, a collection of unique luxury properties across destinations

Lemon Tree Hotels zooms over 100% in one year, stock nears record high

The increasing traction in corporate travel will benefit us to a great extent as more than 85 per cent of the company's inventory is in business hotels, the company said in its annual report.

Hotels nearly full as Bengal braces for 'revenge travel' during Durga Puja

Over 70 per cent of hotel rooms in the tourist destinations of northern West Bengal are booked for the Durga Puja vacation, an official said on Saturday. The economy of the region, which boasts of some picturesque Himalayan destinations such as Darjeeling and Kalimpong, and forests of the Dooars, was battered by the pandemic as tourists stayed home amid the lockdowns. As coronavirus cases subside, businesses are hopeful of an effervescent festive season with tickets of trains to New Jalpaiguri -- the gateway to the region, sold out and hotel rooms fast getting filled up. Federation of Bengal Hotels assistant secretary Ujjwal Ghosh said the region saw a good footfall during the summer holidays this years, and the hoteliers expect even a better festive season. "Over 70 per cent of hotel rooms have already been booked in the Hills and in Dooars, and we expect the rest to be filled up soon," he said. The homestays are also witnessing a huge demand with most expected to be fully booked

Mid-sized hotels on aggressive expansion drive as occupancy, rates zoom

Mid-sized hotels have an advantage of better penetration in the tier-2 and tier-3 markets

Salaries of top managers rise as occupancy in hospitality sector improves

The remuneration of directors of hotel companies, like IHCL and EIH Ltd, has seen a rise between 8 and 250 per cent in FY22 year-on-year (YoY)

Hotel liable to pay for death caused by fire

A fire broke out on the night between August 3 and 4, 2012, at Hotel Lucky India