22 Jan 2025

The Mahakumbh Mela in Prayagraj is hosting millions of devotees, with 1.75 crore participating in the 'Amrit Snan' on Makar Sankranti. Attendees can choose from a variety of accommodations, including luxury tents by TUTC at INR 70,000-INR 1 lakh per night, offering en suite bathrooms and guided tours. Mid-range options like Kumbh Camp India Adhvanta start at INR 14,000, while budget stays by UPSTDC range from INR 1,500 to INR 35,000. Packages like MakeMyTrip's "Soulful Kumbh" at INR 28,695 per person provide additional convenience. Visitors are encouraged to book early, as demand is high for this spiritually significant gathering.Read more

17 Jan 2025

ITC Hotels, now operating as an independent, debt-free listed entity, plans "accelerated growth" under Managing Director Anil Chadha. With 4,000 rooms in 45 properties in its pipeline, the chain aims to expand from 13,000 rooms in 140 hotels to 18,000 rooms in 200 hotels by 2030, focusing on asset-light managed properties. Backed by INR 1,500 crore from ITC Ltd, the company is poised for growth in India and internationally with new projects in Nepal and Sri Lanka. ITC Hotels' revenue mix has shifted post-pandemic, with room rentals contributing 52%. The brand remains bullish on India's growing demand and infrastructure development.Read more

Vriti Gothi

14 Jan 2025

The Indian Hotels Company Limited (IHCL) has revealed plans to launch a Gateway Hotel in Dehradun, Uttarakhand, marking a significant addition to its portfolio in northern India. The new property will feature 80 rooms along with amenities like a restaurant, bar, pool, and event spaces, catering to both business and leisure travellers. Developed in partnership with Dhaulashree Hotels Private Limited, the hotel aligns with IHCL's strategy to expand its footprint and boost regional tourism. This move builds on IHCL's legacy of delivering exceptional hospitality and strengthening its presence in key markets, including Uttarakhand.Read more

09 Jan 2025

As Navi Mumbai prepares for the Coldplay concert in January 2025, a significant rise in hotel prices has been observed. A report by Sciative Solutions reveals that hotel rates for various categories, ranging from budget to luxury, have increased sharply compared to September 2024. Budget accommodations have seen a decrease in availability, while mid-range and luxury hotels have witnessed substantial price hikes. Hotels close to the venue have seen the most significant jumps, with some rooms increasing in price by more than two and a half times. Early demand for luxury properties has also led to these hotels selling out months in advance. This study underscores the power of dynamic pricing, highlighting how AI-driven tools help hotels optimise their pricing strategy to capitalise on major events.Read more

07 Jan 2025

Sarovar Hotels has announced the launch of a 304-key Royal Tulip hotel in Kathmandu, Nepal, expected to open in the first half of 2025. This hotel, developed in collaboration with Massif Hotel, will surpass Nepal's largest existing hotels. Targeting mountaineers, pilgrims, and business travellers from India and Southeast Asia, the property will offer competitive room rates, making it an attractive destination for weddings and events. Sarovar Hotels is also expanding with additional properties planned across India, Africa, and more. They expect a 12-13% revenue growth in 2025 due to an increase in new properties.Read more

27 Dec 2024

OYO has acquired the Motel 6 and Studio 6 brands from Blackstone Real Estate for USD 525 million, adding 1,500 franchised hotels across the U.S. and Canada to its portfolio. This strategic move is projected to boost OYO's EBITDA to over INR 2,000 crore (USD 240 million) in FY 2025-26, with Motel 6 contributing INR 630 crore (USD 76 million). The combined entity is expected to generate a gross booking value of USD 3 billion. OYO first-ever profit after tax in FY 2023-24 signals a strong growth trajectory. By leveraging Motel 6 brand recognition and operational synergies, OYO aims to strengthen its position in North America while enhancing customer experiences through technology and expertise.Read more

26 Dec 2024

ITC Ltd is consolidating its hospitality presence by acquiring additional stakes in Oberoi (EIH) and Leela (HLV) hotels, increasing its shareholding to 16.13% in EIH and 8.11% in HLV. These acquisitions, executed via its subsidiary Russell Credit Ltd., underscore ITC's commitment to the premium hospitality segment. ITC is also demerging its hotel business into a standalone entity, ITC Hotels Ltd., effective January 1, 2025, allowing focused growth in the hospitality sector. Shareholders will receive 60% of ITC Hotels' equity shares, with ITC retaining 40%. The restructuring aims to enhance shareholder value and streamline operations, positioning ITC Hotels for independent expansion in India's luxury hospitality market.Read more

25 Dec 2024

Ventive Hospitality, backed by Blackstone, secured INR 719.55 crore by allotting over 1.11 crore equity shares to 26 anchor investors at INR 643 per share, the upper price band. Esteemed investors, including SBI Life Insurance, Quant Mutual Fund, and Aditya Birla India Fund, participated, reflecting strong confidence in the company's potential. The IPO, targeting INR 1,600 crore, will primarily focus on reducing financial liabilities. Leading firms like Axis Capital and Kotak Mahindra Capital are managing the offering. Positioned for a significant debut, Ventive aims to strengthen its financial footing and accelerate growth in India's hospitality sector.Read more

24 Dec 2024

Traders and shopkeepers in Tirupur staged a district-wide strike against hikes in property tax, 18% GST on commercial properties, and increased electricity tariffs. Around one lakh shops, including textile, grocery, and jewellery stores, closed for the day, supported by 2,000 knitwear firms, resulting in INR 100 crore in business losses and INR 25 crore in lost tax revenue. Protests spanned key areas, with black flags displayed and political parties like AIADMK, BJP, and Left groups showing solidarity. The strike underscores traders' frustrations over rising costs and highlights the economic impact on businesses and government revenue, pressuring policymakers to reconsider.Read more

PNT Reporter

20 Dec 2024

Rcube Projects Pvt Ltd is investing INR 120 crore in the Rcube Monad Mall in Noida, spanning 2,50,000 sq. ft. with a 60:40 split between retail and family entertainment centres (FEC) and food outlets. Housing 80 brands, including Starbucks, Lifestyle, and MovieMax Edition, the mall expects 90-95% occupancy by March, with footfalls projected at 14,000-16,000 on weekends. An additional INR 80 crore is allocated for a 1,00,000 sq. ft. mall in Pitam Pura, Delhi. Known for its 12% annual growth and metro station projects, Rcube integrates retail, entertainment, and loyalty programs to create vibrant destinations, boosting its commercial real estate presence.Read more