Page 3 - Hotel Sector

HAI mulls incentives for hotel operators to adopt sustainable practices

Hotel Association of India is considering asking government to provide incentives to small hotel operators for adopting sustainability practices, according to its Secretary General MP Bezbaruah. While big luxury and five star operators are leading from the front on adopting sustainability practices, the smaller members of Hotel Association of India (HAI) are lagging behind due to cost issues of taking up the initiatives, he told PTI. "We have the big five star and luxury hotels with records which are exemplary and have been leading the world but we want it to flow down the line to get the smaller members (join the sustainability drive)," Bezbaruah said. HAI has tried to encourage its members and non-members into globally accepted certification programmes of sustainability, he said, however adding,"Some of these practices can be costly and may not be cost effective for many smaller hotels." When asked if HAI is looking for government support for the hospitality industry to adopt ...

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO). The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP). Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd. Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes. The company may raise up to Rs 180 crore through a Pre-IPO Placement. If the placement is undertaken, the issue size will be reduced. Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises Lt

Indian hostel chains aim for global expansion amid rise of digital nomadism

The Hosteller recently raised $4 million in its Series A funding to expand its base of hostels, marketing, and other general purposes

Eco Hotels looks to become profitable by end of FY26; acquires 3 properties

Eco Hotels and Resorts Ltd looks to become profitable by the end of next fiscal and has acquired three properties with around 178 keys, according to a statement. The hospitality company which aims to develop eco-friendly properties with zero carbon footprint is also on course to hit 400-room capacity by month-end, the statement said. Eco Hotels & Resorts CFO Vikram Doshi said, We are committed to turn the company into profit by end of March 2026. We want to turn this company soon into one of the leading hotel companies of India. In its very first year of operation in India, Eco Hotels is setting new standards in sustainable hospitality, the official said. Eco Hotels has also announced the acquisition of three properties. These include a 90-room property in Mysore (Karnataka) a 44-room hotel at Tirupati (Andhra Pradesh), and another 44-room asset in Nagpur (Maharashtra). The company board recently approved the acquisition of these properties on a long-term lease basis. Moreover, .

This Tata Group stock quotes at an all-time high; market cap nears 1 trn

Shares of Indian Hotels Company hit a new high of Rs 693.35, gaining 4 per cent on the BSE in Tuesday's intra-day trade amid heavy volumes on expectations of strong revenue growth.

Royal Orchid Hotels expects about 80% occupancy in Q3, Q4: Arjun Baljee

After enduring a low first quarter, Royal Orchid Hotels expects occupancy level to bounce back and reach around 80 per cent in the third and fourth quarters, according to company President Arjun Baljee. Various factors, including low business travels, heatwave and competition from international destinations like Thailand impacted occupancies in the first quarter. In the first quarter, the company, which operates 107 properties, had an overall occupancy level of 70 per cent. "We are very optimistic. We have seen in Q2 a nice little bounce back, and Q3 and Q4 the business on books actually looks really good," Baljee told PTI. Asked about the occupancy levels, he said,"This quarter will be in the mid to high 70s. Then we're looking at the early 80s, and let's say the mid-80s is where I think, Q3 and Q4 should end up." Reflecting on the Q1 performance, he said historically from an India perspective for 'business-centric' hotels, "Q1 is always the worst" due to a variety of reasons, ...

10,000 US hotel workers strike as contract talks with operators break down

The strike is taking place with the industry facing a 9% increase in Labor Day weekend domestic travel compared to last year, according to AAA booking data

InterGlobe opens boutique lifestyle hotel Miiro in Paris, Barcelona

InterGlobe Enterprises, the biggest shareholder of IndiGo airline, has opened its boutique lifestyle hotel Miiro in Paris and Barcelona and is looking to add more properties in Europe over the next couple of years, a top official said. Neena Gupta, CEO of Miiro, said Le Grand Hotel Carye in Paris opened in July and Borneta in Barcelona this month. The entry-level luxury lifestyle hotel brand will continue back-to-back launches into 2025 with London and Vienna. Templeton Garden in London, located in the leafy area of Earl's Court, will offer 156 rooms, complemented by a cafe-deli, a neighbourhood restaurant, a vibrant bar, and an outdoor F&B experience in an expansive garden oasis in the Spring of 2025, she said. The two hotels in Vienna, with their strategic location boasting over 200 rooms, will be the next destination for Miiro. With further openings planned for 2026, Miiro is poised to expand its footprint significantly. InterGlobe, which is the biggest shareholder in ...

OYO withdraws DRHP, to refile its much-awaited IPO post refinancing

Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said. In preparation for the refinancing, OYO has already moved its application with markets regulator SEBI to withdraw its current draft red herring prospectus (DRHP). The company intends to refile an updated version of the DRHP, after the bond issuance. Oravel Stays Ltd, OYO's parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million. A source closely involved in the company's IPO .

India's hospitality sector saw investments worth $401 mn in 2023: JLL

Sector has been witnessing a surge since 2023, with 25,176 keys signed and 12,647 keys opened, stated the report titled 'Hotel Investment Trends - India 2023'

Growth expectations and better margins drive gains in hotel stocks

Industry earnings and growth/recovery rates have consistently surpassed market expectations over the past six quarters

Hotel stocks rally up to 9% in weak market on hopes of strong earnings

Analysts at Emkay Global see the strength in hospitality industry sustaining in March (Q4)/June (Q1) quarter, based on their channel checks, with year-on-year (YoY) improvement in average room rates.

EC declares electoral bond data: Future Gaming & Hotel tops the list

Future Gaming was probed by the Enforcement Directorate recently, It bought electoral bonds worth over Rs 1,368 crore under two different sets of companies

India's February services PMI eases to 60.6 on low business confidence

Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history

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

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

Hyderabad most travelled city in 2023, UP most visited state: Oyo

As remote working and flexibility declined, travelers sought to maximize their vacations and extended long weekends this year

Chart: Room rates in India hit new peak , averaged Rs 6,869/ day in FY2023

Room rates in India averaged Rs 6,869/day in fiscal year 2023, with February 2023 hitting a new peak at Rs8,300/day compared with the earlier peak of Rs 8,000/day in fiscal 2008, according to a study

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

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