28 Aug 2024

Brigade Group and Accor have launched ibis Styles Mysuru, marking their second hotel in Mysuru and the fourth project from their ongoing partnership. This hotel is Brigade Group's 27th project in Mysuru and their 9th hotel in India with global brands. Located on KRS Road, the hotel blends contemporary design with local cultural elements, inspired by the nearby Ranganathittu Bird Sanctuary. Building on the success of their first Mysuru property, Grand Mercure Mysuru, this launch enhances their presence in India's hospitality sector. ibis Styles Mysuru offers 130 rooms, including 30 suites with small kitchens and private balconies, plus dining options, a pool, fitness centre, and event spaces.Read more

28 Aug 2024

Hotel room rates in India are set to remain elevated due to a slow 1.4% growth in supply, with the total number of rooms reaching 191,000 by June 2024. Major cities like Delhi, Mumbai, and Bengaluru saw only a 0.6% increase in room availability, while strong domestic demand continues to drive up occupancy rates. As the peak travel season approaches, industry experts anticipate further rate hikes, particularly in luxury segments, amid a forecasted 10% growth in hotel room demand, outpacing the expected 8% annual increase in supply until 2027.Read more

27 Aug 2024

Reliance Industries injected INR 14,839 crore into Reliance Retail as debt during the last fiscal year, marking the largest capital infusion from the parent company in a decade. This funding supports the retail giant's expansion into smaller towns and new store formats, with a total investment of INR 19,170 crore in FY24. Reliance Retail also accelerated loan repayments, cutting non-current bank borrowings by 30% to INR 13,382 crore, signaling a cleanup of its balance sheet. Despite increased debt, the company continues to strengthen its retail presence, potentially paving the way for an IPO.Read more

23 Aug 2024

Hyderabad-based JV Ventures and Terminus Group have launched Madison, a USD 200 million platform to develop 25 mid-market luxury hotels across Indian cities, including Thiruvananthapuram, Visakhapatnam, Tirupati, and Hyderabad. Over the next five years, Madison will create over 3,000 rooms, with a focus on reducing seasonal risks in the hospitality sector. The initiative aligns with the growing Indian hospitality market, which saw a 19% increase in first-time hotel investments in 2023 and an 11.4% rise in RevPAR in Q1 2024, indicating strong future growth.Read more

21 Aug 2024

Atmosphere Living India, a subsidiary of Atmosphere Living Dubai, is set to invest around INR 500 crore in the luxury real estate markets across India as part of their expansion plans in South Asia. The parent company will fund key projects in locations like Goa, Lonavala, Himachal Pradesh, Jaipur, and Mysore. Each project will offer a seamless combination of real estate and hospitality, providing an unparalleled living experience. Simultaneously, Atmosphere Core, the hospitality arm of the group, will be opening new hotels in Kolkata, Coorg, and Bhopal. The flagship Ozen-branded residences in Mussoorie will be its first project in this expansion plan and it is set to create new benchmarks in ultra-luxury living.Read more

20 Aug 2024

Lucknow, Uttar Pradesh, tops Tier 2 cities in India with a substantial 5.7 million square feet of gross leasable area (GLA) for shopping centres, surpassing Kolkata and Ahmedabad. Knight Frank India's survey reveals Lucknow's 5% share of the national retail stock and an 18.4% share of Tier 2 cities' GLA. With a density of 1,439 square feet per thousand people and over 580 retail stores, the city blends local and international brands, driven by growing demand and improved infrastructure. Abhishek Sharma from Knight Frank emphasizes Lucknow's role as a retail hub, aligning with India's expanding Tier 2 city market.Read more

15 Aug 2024

K Hospitality Corp, a player in India's food services industry, plans to raise INR 2,500-3,000 crore through an IPO early next year, targeting a valuation between INR 8,000 and INR 10,000 crore. The company, known for brands like Copper Chimney and The Irish House, aims to use the funds for expansion, debt reduction, and market visibility. Partnering with Kotak Mahindra Capital and ICICI Securities, K Hospitality's IPO reflects confidence in its growth potential amidst rising consumer demand in the hospitality sector.Read more

15 Aug 2024

New Delhi-based grocery startup The New Shop is in advanced talks to acquire the 24Seven retail chain from Godfrey Phillips India for a strategic rebranding and expansion. The acquisition follows a court verdict allowing Godfrey Phillips to exit its unprofitable retail segment. Established in 2019, The New Shop operates 160 stores across 35 cities with a 24-hour model. 24Seven, which once boasted 130 outlets, has struggled with performance issues, reporting INR 403 crore in FY24 revenue. If finalized, the deal will integrate 24Seven's locations into The New Shop's omnichannel network, enhancing their market presence.Read more

14 Aug 2024

Indian cricket captain Rohit Sharma is entering the food industry by partnering with True Elements to launch "RS by True Elements," a new brand offering healthy breakfast options and snacks. As the brand ambassador, Sharma will play a vital role in product development and marketing, with RISE Worldwide managing the collaboration. True Elements, known for its commitment to transparency and healthy foods, aims to provide nutritious, easy-to-understand products. Co-Founder and CEO Puru Gupta emphasized that this is the first time a cricketer has licensed a health food brand in India. The RS line will be available by August 2024, with a marketing campaign to follow. This partnership highlights the growing trend toward health-conscious eating in India.Read more

13 Aug 2024

SAMHI Hotels Limited has announced its financial results for Q1 FY24, with revenue reaching INR 2,568 million and EBITDA at INR 934 million. The company reported a 13% year-on-year increase in Revenue per Available Room (RevPAR), reflecting a robust recovery in the hospitality sector. The successful integration of ACIC Hotels has boosted profit margins by 520 basis points. SAMHI is focusing on financial stability and expansion, with plans to open new hotels and rebrand existing ones. The growth strategy aims to capitalize on rising travel demand and enhance market presence in India's expanding hospitality industry.Read more