14 Nov 2024

IHCL has acquired a majority stake in Rajscape Hotels, operator of Tree of Life Resorts & Hotels. This acquisition enhances IHCL�s position in the experiential travel market and supports its plan to expand Tree of Life to 100 properties by 2030. Known for luxury offerings, IHCL has previously partnered with the Ambuja Neotia Group on several projects. The move responds to rising demand for personalised travel experiences, with Tree of Life properties in offbeat destinations across India, attracting travellers seeking unique stays. This acquisition reflects IHCL�s commitment to diversifying its portfolio in the boutique leisure segment.Read more

13 Nov 2024

Demand for dark store space in India is on the rise, driven by the growth of Q-commerce, which promises rapid delivery within 15 to 30 minutes. A joint study by JLL and Miebach Consulting reveals that dark store demand reached 24 million square feet in 2023, with projected growth to 37.6 million by 2027. Dark stores, often located in underutilized urban areas, help Q-commerce companies cut logistics costs by 10-30%. However, challenges exist, including regulatory compliance and hygiene standards. The expansion of Q-commerce into Tier-II and Tier-III cities offers substantial opportunities for real estate, introducing a promising new asset class.Read more

11 Nov 2024

Brigade Hotel Ventures Ltd has filed for an initial public offering (IPO) with SEBI to raise INR 900 crore, aiming to enhance its financial position and expand in the competitive hospitality market. The IPO will consist solely of new equity shares, with funds allocated to debt reduction (INR 481 crore), corporate purposes (INR 412 crore), and support for its subsidiary (INR 69 crore). The company, a subsidiary of Brigade Enterprises Ltd, operates nine hotels across major Indian cities. As tourism rebounds post-pandemic, Brigade aims to capitalize on growth opportunities, with investors keenly observing this strategic move in the hospitality sector.Read more

06 Nov 2024

JLL India reports a significant rise in leasing activity in the Indian retail market across the top seven cities-Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune, and Hyderabad-during the first nine months of 2024. With gross leasing reaching 5.3 million sq. ft despite only 1 million sq. ft of new space, Bengaluru, Delhi NCR, and Mumbai accounted for 59% of this activity. Domestic retailers dominated with a 78% share, while D2C brands are increasingly finding success in malls. International retailers also showed strong interest, with EMEA brands leading the way. JLL projects retail leasing to surpass 6.5 to 7 million sq. ft by year-end.Read more

04 Nov 2024

ITC Limited, the Kolkata-based conglomerate, reported a strong second-quarter performance, exceeding market expectations with a 3.1% rise in standalone net profit to INR 5,078.34 crore. This growth was supported by a notable 16% increase in gross revenue, reaching INR 20,359.95 crore. The company faced challenges, including high inflation and input costs, yet demonstrated resilience, particularly in its agricultural and hotel sectors. The cigarette division saw a 6.78% revenue increase, while non-cigarette FMCG grew by 5.41%. Additionally, the agricultural business rose 47.05%. ITC's strategic initiatives position it well for future growth amid a challenging landscape.Read more

01 Nov 2024

Sincere Developers, owner of the Taj Hotel & Convention Centre in Agra, is set to invest over INR 1,500 crore in expanding its luxury hospitality footprint. The company plans to construct new hotels in Agra, Udaipur, Goa, and Rishikesh, with an eye on luxury brands like Ritz Carlton and Four Seasons. A significant refurbishment of the Taj Hotel & Convention Agra is also underway, aiming to increase room rates by 40%. With a projected growth rate of 20-25% in Agra, Sincere Developers is committed to enhancing its offerings in India's luxury hospitality sector.Read more

30 Oct 2024

Raymond Lifestyle is set to hire around 9,000 workers as it plans to open 900 new stores over the next three years. The company has recently spun off its lifestyle division to attract more investment and improve capital access. Amid challenges in major apparel production hubs like Bangladesh, Raymond is also boosting its factory workforce to enhance garmenting capacity. The firm is experiencing increased inquiries from global clients, with a focus on expanding into the fast fashion sector, inspired by the success of Tata Group-owned Zudio.Read more

28 Oct 2024

Hyatt Hotels has launched 'The Grand Showroom' in Mumbai, a luxury venue designed for corporate parties, lavish weddings, and high-profile events. This new space, part of the Grand Hyatt Mumbai, responds to the growing demand for opulent event spaces, which saw a 25% increase in social events from 2022 to 2023. Managed by Juniper Hotels, the venue is expected to generate INR 45-50 crore in its first year of operations in 2025, highlighting the shift towards personalized and upscale gatherings in the city's hospitality landscape.Read more

24 Oct 2024

Nexus Select Trust, a REIT backed by rent-yielding retail assets, is set to acquire Bengaluru's Vega City Mall for INR 877 crore. The acquisition includes the 0.45 million sq ft mall and the land, currently owned by A S Muniswamy Raju HUF, leased to Blue Horizon Hotels. The deal, executed through Vijaya Productions Pvt Ltd, awaits transaction documents and closing conditions. Nexus Select Trust, which manages 17 shopping malls across 14 cities with a gross leasable area of 9.9 million sq ft, aims to strengthen its presence in Bengaluru and capitalize on operational synergies. This move highlights the trust's commitment to growth in India's retail sector.Read more

23 Oct 2024

Thailand's Dusit Hotels and Resorts is returning to India with the opening of dusitD2 Fagu, a luxury retreat near Shimla, scheduled for December 2024. The resort will include 80 rooms that integrate modern amenities with local traditional features, catering to tourists seeking rest, wellness, or adventure. DusitD2 Fagu, located near Shimla Airport and accessible from major Indian towns, is the brand's first hotel in India. The company intends to expand further, with four other properties slated to open in Karnataka by 2026. This move underlines Dusit's plan to capitalize on India's growing demand for luxury hospitality experiences.Read more