Page 3 - Hotel Sector

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

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

Festival season gains momentum, leads to surge in airfares, hotel tariffs

Travel firms have also noticed a shift in the Visiting Friends and Relatives (VFR) trend usually seen during festivals

Hotel stocks to ride the elevator to revenue growth on room rates

Listed players hit the 'suite' spot of growth in the business segment in Q2 defying seasonality

Hotels to steel: India Inc unlocks subsidiaries' value with mergers, splits

Combined value of deals reaches $32.9 bn in Q3 CY2023, the highest quarterly total since Q2 CY2022

Oriental Hotels hits new high; up 27% in 1 week on hopes of strong earnings

Growth in the industry is largely expected from domestic demand which is expected to remain strong through FY24 even as international travel has shown green shoots of recovery.

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

Lemon Tree Hotels hits 52-week high on signing agreements for 2 properties

The company said that the two additions under two diverse models aligned with their asset-light policy