Page 6 - Indian Hotels

F&O expiry, Q4, Meta impact: Which way will the Nifty swing on April 25?

Stock market preview Thursday, April 25: Global mood turns bitter as Nasdaq futures fall post Meta guidance; HUL, Axis Bank and Indian Hotels to react to Q4 numbers on Dalal Street.

IHC Q4 result: PAT rises 29% to Rs 438 cr, total income at Rs 1,951 cr

The Indian Hotels Company Ltd (IHCL) on Wednesday reported a 29.36 per cent growth in consolidated profit after tax to Rs 438.33 crore in the fourth quarter ended March 2024. The hospitality company had reported a Profit After Tax (PAT) of Rs 338.84 crore in the year-ago period. For the financial year 2023-24, IHCL reported a consolidated PAT of Rs 1,330.24 crore as against Rs 1,052.83 crore in the previous fiscal. Its total income rose to Rs 1,951.46 crore during the quarter under review, from Rs 1,654.54 crore in the corresponding period of the previous year, according to a regulatory filing. However, its total expenses also increased to Rs 1,416.77 crore as against Rs 1,254.52 crore a year ago. Puneet Chhatwal, Managing Director & CEO of IHCL, said, "With 53 signings in FY2024, IHCL achieved a portfolio of 310 hotels, enabled by attaining scale in each of our brands and forming strategic alliances in new market segments". He shared that looking ahead at FY25, IHCL will continu

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.

Long Weekend: Airfares, hotel rates shoot up ahead of Holi, Good Friday

The Indian tourism industry is witnessing a sustained boom on the back of what industry stakeholders call a mindset shift, where people are using every opportunity to travel

These 2 Tata Group stocks can dip up to 16% in the near term, charts hint

Tata Chemicals had rallied 46 per cent in the last six trading sessions; a 50 per cent retracement of the rally could see the stock dip to Rs 1,217, shows chart

Oyo parent Oravel Stays plans to launch 13 premium hotels this year

Last year, the company started a pilot by setting up 10 Palette resorts in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru

OYO parent firm Oravel Stays plans to launch self-operated premium hotels

Oravel Stays Ltd, the parent company of travel-tech firm OYO, on Thursday announced its plans to launch self-operated premium hotels under the Palette brand, beginning with Morbi in Gujarat. As part of a pilot programme, Oravel Stays had earlier launched Palette with 10 hotels in cities, including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru. "To ensure enhanced guest experience and service delivery, the company will take direct operational control of select Palette hotels in high-growth and promising locations. Oravel Stays intends to open 12 additional self-operated Palette hotels by the end of the year," it stated. Further, it said the 48-room premium hotel in Morbi aims to cater to the rising demand for premium accommodation amidst the region's booming economic scene. "With its booming economic scene and growing business opportunities, Morbi is an important market for us. We aim to provide business travellers with a premium hospitality experience and look ..

Indian hotel industry to report 7-9% revenue growth in FY25: ICRA

The Indian hotel industry is expected to register a revenue growth of seven to nine per cent in the next financial year 2024-25, according to a report by credit rating firm ICRA. ICRA said that sustenance of domestic leisure travel, demand for meetings, incentives, conference and exhibitions (MICE) are the factors which will drive demand in the next financial year, despite a temporary lull during the ensuing general elections. The research firm said that spiritual tourism and Tier 2 cities are expected to contribute meaningfully to the overall demand in the next fiscal. According to ICRA, estimates for pan-India hotel occupancy reached a decadal high of 70 per cent to 72 per cent in the current financial year and next fiscal, as compared to 68 per cent to 70 per cent in 2022-23. Pan-India, average room rates (ARRs) are expected to be around Rs 7,200 to Rs 7,400 in the current fiscal, which is likely to rise further to Rs 7,800 to Rs 8,000 in the next financial year. ICRA holds a .

Tourism, hospitality industry likely to create 50 mn jobs in 5-7 yrs: HAI

Hotels' Association of India (HAI) on Monday said the hospitality and tourism sector expects to create 50 million direct and indirect jobs in the next 5-7 years but government support is required for getting the full industry and infrastructure status in states to tap the employment potential. The infrastructure status for the hospitality sector can push up investments not only to create accommodation, but also in the process boost income and employment generation, HAI President Puneet Chhatwal said while speaking here at the 6th HAI Hoteliers' Conclave. Chhatwal, who is also the Managing Director and CEO of Indian Hotels Company Ltd, said while tourism is a pillar of development creating about 10 per cent of the total employment and contributing 8 per cent to GDP with a huge multiplier effect that can help inclusive growth, "there is often a gap between this realisation and the actual policy implementation". Addressing a press conference, HAI Vice-President K B Kachru said in the .

IHCL signs pact for 77-key hotel in Dibrugarh, Assam under ginger brand

Indian Hotels Company (IHCL) on Tuesday announced the signing of its first 77-key hotel in Dibrugarh, Assam, under the Ginger brand. "This signing is in line with our commitment to north east India where we have been rapidly expanding our footprint. Dibrugarh, an industrial city in Assam, is an important centre for tea trading and serves as a gateway to prominent tourist destinations in the region," IHCL Executive Vice President, Real Estate and Development, Suma Venkatesh said in a statement. The company has partnered with Vela Hotel & Resort LLP for this greenfield Ginger hotel. With the addition of this hotel, IHCL will have six hotels in Assam, including four under development.

IHCL hospitality group to build hotel spread over 1.3 acre in Ayodhya

Indian Hotels Company Ltd announced the signing of the third hotel in Ayodhya, Uttar Pradesh, on the day of the Ram temple inauguration. Spread over 1.3 acre, the 150-key brownfield project will be branded as an Indian Hotels Company Ltd (IHCL) SeleQtions hotel, the hospitality group said in a statement. "Ayodhya's remarkable transformation to a world-class pilgrimage destination, marked by the inauguration of the Ram Janmabhoomi Mandir, is poised to draw an influx of tourists from around the world," IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said. "We will now offer three distinct brands in Ayodhya of about 400 rooms and we are delighted to collaborate with KM Vyaparfor this SeleQtions hotel," he added. With the addition of this, IHCL will have three hotels across SeleQtions, Vivanta and Ginger brands in Ayodhya.

Hoteliers cash in on New Year festivities, no impact of Covid-19 resurgence

Hospitality players are cashing in on the New Year festivities as the high spirits of celebrations are leading to a surge in dining out and bookings in resort destinations, with the news of the COVID-19 resurgence not denting the festive sentiment. Some players said they have witnessed room for revenue growth of 19 per cent in the year-end compared to the same period last year. "The news of COVID resurgence has not dented the festive sentiment, and besides, hospitality establishments adhere to stringent safety protocols. Overall, there is positivity and merriness in the air," Federation of Hotel & Restaurant Associations of India (FHRAI) president-elect Pradeep Shetty told PTI. He was responding to a query on whether the resurgence of COVID-19 has impacted year-end and New Year bookings. In fact, he said, "The festive fervour is ablaze across all major metropolitan cities, reflecting the high spirits of celebrations. Dining out experiences are witnessing a remarkable surge, ...

TCS, Tata Motors, Titan, IHCL: Track key levels for Tata Group stocks

Among the Tata Group stocks, shares of Tata Motors could potentially top the Rs 900-mark, while a select few could gain in the range of 15 - 19 per cent from present levels.

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

Zubin Saxena succeeds Navjit Ahluwalia as Hilton's senior VP, country head

Zubin Saxena will take charge in January 2024; he was previously working at the Radisson Hotel Group for over eight years

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.

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 ...

As business booms for Indian hotels, you can't check in any time you like

Domestic tourism is booming, helping hospitality groups to beat pandemic downturn

Chocolate tree, local produce: How hotels went all out for G20 Summit

ITC Hotels was entrusted with the task of catering for the presidential and prime minister's banquets

Fully booked, hotels turn to curated menu and security for G20 meet

Five-star hotels across New Delhi are all booked out for the upcoming Leaders' Summit to be held from 9-10 September