26 Nov 2024

Indian Hotels Company Ltd (IHCL) aims to double its hotel portfolio to 700+ properties and increase its consolidated revenue by 2x, reaching INR 15,000 crore by 2030. This ambitious expansion follows 10 consecutive profitable quarters, strong cash flows, and zero net debt. IHCL plans to grow both organically and through acquisitions, focusing on an asset-light model. New ventures like Ginger, luxury homestays, and boutique resorts are expected to contribute 25% to revenue. With 75% of additions in the boutique leisure and mid-scale segments, IHCL will continue expanding in India, while also growing internationally in select regions.Read more

25 Nov 2024

India's hospitality sector experienced strong growth in Q3 2024, with Revenue Per Available Room (RevPAR) rising 10.8% YoY and 2% over the previous quarter, driven by increased corporate travel. Cities like Hyderabad, Chennai, and Mumbai led with RevPAR growth of 23.6%, 17.7%, and 16.8%, respectively. The quarter saw 96 branded hotel signings (10,686 rooms), with 80% in Tier II/III cities like Tirupati and Udaipur, reflecting growing demand beyond metros. With stable occupancy rates, rising Average Daily Rates (ADR), and upcoming festive and business travel, the sector is poised for continued growth, signaling a strong recovery and expanding opportunities in emerging markets.Read more

25 Nov 2024

The Himachal Pradesh High Court has directed the closure of 18 loss-making hotels operated by the Himachal Pradesh Tourism Development Corporation (HPTDC) by November 25, 2024, citing unsustainable operations and financial losses. Staff from the closed properties will be reassigned. The ruling follows a petition about unpaid dues to retired employees, highlighting HPTDC's struggles with profitability and financial management. The court emphasized that the closures aim to reduce the financial burden on the state's treasury and redirect resources towards more viable ventures to promote sustainable tourism growth.Read more

21 Nov 2024

IHG Hotels & Resorts is accelerating its expansion in India, focusing on luxury offerings with the introduction of its Vignette Collection brand. Known for its mid-market brands like Holiday Inn, IHG aims to cater to the growing demand for premium hospitality. Currently operating 52 hotels in India, IHG plans to strengthen its luxury portfolio, including the upcoming InterContinental in Kodaikanal by 2028. With luxury brands like Six Senses already in its portfolio, IHG's Managing Director, Haitham Mattar, emphasises the segment's potential. This strategic move reflects IHG's adaptability to evolving consumer preferences and positions it as a key player in India's hospitality sector.Read more

20 Nov 2024

Reliance Retail has temporarily closed several Centro department stores as part of a repositioning strategy to focus on its in-house brands and labels. Originally converted from Future Group's Central outlets, Centro stores are undergoing a remodelling process. Brands have been asked to retrieve inventory as Reliance explores a shop-in-shop model featuring its own and partnered brands, including Gap and Superdry. The closures come amid a slowdown in retail expansion and a 3.5% decline in quarterly revenue, attributed to weak demand in fashion and lifestyle. Despite challenges, Reliance remains focused on technology-driven efficiencies to strengthen its market leadershiRead more

19 Nov 2024

Retail leasing across India's top eight cities saw a minor 1% decline, totaling 1.63 million square feet in the July-September period, compared to the previous year. Main streets dominated leasing activity, accounting for 68% of the total leased space. The demand for retail space in cities like Delhi-NCR, Bengaluru, Chennai, and Kolkata led to a significant increase in rental rates, while malls faced quieter leasing due to limited supply. Despite e-commerce growth, physical stores continue to thrive, with a shift towards spaces offering a blend of shopping, lifestyle, and entertainment experiences.Read more

18 Nov 2024

Chalet Hotels is expanding its portfolio with new acquisitions in Bengaluru, Goa, and Rajasthan, as part of its strategy to diversify and capture leisure market opportunities. Currently owning 10 hotels across six cities, the company plans to add over 1,000 rooms in new and existing properties. With sustained demand and projected growth in revenue per available room, Chalet remains committed to high returns. Recently, Chalet reported a 20 per cent rise in revenue but a quarterly net loss due to reversed tax benefits. The company remains financially strong, with internal accruals supporting growth and reduced debt levels.Read more

18 Nov 2024

Oberoi Hotels & Resorts is set to enter the UK market with a luxury property in London's Mayfair as part of Grosvenor's expansive South Molton development. With construction underway and full completion expected by 2027, this mixed-use development will feature the hotel alongside office, residential, and retail spaces. This project, marking a significant international step for Oberoi, aligns with the brand's ongoing expansion beyond its existing portfolio in India, Morocco, Egypt, Saudi Arabia, Indonesia, and Mauritius.Read more

15 Nov 2024

Guwahati, a rising retail hub in India recorded the highest year-over-year rental appreciation of 38% among high streets across 29 Indian cities in 2023. High street rents surged to INR 200-250 per sq ft per month driven by strong brand demand for prime locations. While Guwahati's high street growth is robust, its shopping center density remains low compared to other Tier 2 cities, presenting significant development opportunities. The city's 183 operational retail outlets, with 106 of Indian origin and 77 international, underscore its retail potential. Experts anticipate continued growth as Guwahati's retail offerings appeal to both domestic and global brands.Read more

14 Nov 2024

Blackstone, the global asset manager, is reportedly seeking acquisitions in India's hotel sector, with the Chennai Hilton and a partially constructed Marriott near Bengaluru airport among its targets. Each property is valued between INR 300-400 crore, aligning with Blackstone's optimistic outlook on Indian hospitality. Ventive Hospitality, jointly promoted by Blackstone and Panchshil Group, recently filed for an IPO to raise INR 2,000 crore, strengthening its position. While the Chennai Hilton faces financial challenges, the Marriott property is awaiting final construction. Both hotels, if acquired, would strategically enhance Blackstone's hospitality portfolio in India.Read more