18 Apr 2024

The 217-room 5-star hotel located near Bengaluru's Kempegowda International Airport that is owned by Lulu Group's hospitality arm Twenty14 Holdings and is being developed to be operated by Marriott International is on the market for about INR 400 crore. While a private equity firm has bid INR 350 crore, an additional INR 40-50 crore is required to complete the project that is currently 75% finished. The sale is expected to close within two months and comes as the Lulu group looks to reduce debt from its rapid expansion in recent years which has caused delays in completing some hotel projects.Read more

17 Apr 2024

ITC Hotels aims to expand its portfolio to 200 properties from the current 130 within five years, capitalizing on India's growing business and leisure travel market. With a focus on tier two and three cities, it plans to offer unique guest experiences across various brands, including Storii, Mementos, Welcomhotel, and Fortune. The introduction of Club ITC Master Key will provide immersive experiences for guests, enhancing their stay from arrival to departure. The international debut with ITC Ratnadipa in Colombo signifies the brand's global expansion. Additionally, upcoming openings include properties in Sri Lanka and various Indian cities, reinforcing ITC's position across luxury, upscale, and heritage segments.Read more

16 Apr 2024

The CBRE report forecasts continued growth and stability in the Indian retail sector for 2024, emphasizing a shift in retailer strategies towards strategic locations with high foot traffic. Completion of high-quality malls in Tier 1 cities is expected to add 5-6 million sq. ft. of mall space, offering a modern shopping experience. Home decor, fashion, and domestic jewellery are identified as growth categories. Entertainment options within malls are also expected to increase, enhancing visitor experiences. Retail demand has consistently grown, with 7.1 million sq. ft. absorbed in 2023, led by Bangalore, Delhi-NCR, and Mumbai. The report suggests a cautious approach by retailers, which could stabilize rental prices and benefit both businesses and consumers.Read more

15 Apr 2024

Wyndham Hotels & Resorts is extending its position in India by building hotels near major highways and airports, capitalising on the country's rising infrastructure. Dimitris Manikis, President of Wyndham (EMEA region), discussed this strategy at the HICSA 2024 event. With over 9,200 hotels worldwide, Wyndham plans to replicate its European model in India, running hotels alongside EV charging stations and food plazas. The brand's recent opening of The Earth Hotel in Amritsar marks its foray into India's mid-scale category. Wyndham is bullish on India's hospitality business, forecasting strong growth driven by economic development and travel demand.Read more

15 Apr 2024

Blackstone Inc., a global alternative investment firm managing over USD 1 trillion in assets, is venturing into India's hotel market amid a strong rebound post-pandemic. With significant investments in Indian real estate, Blackstone is cautiously entering the hospitality sector, targeting independent hotels in South India valued between INR 300-400 crore. Blackstone's entry adds to growing investor interest in the sector, evidenced by recent acquisitions such as Chalet Hotels' purchase of Courtyard by Marriott Aravali Resort and Max Estates' acquisition of Accord Hotels and Resorts. Blackstone Inc., the world's largest alternative investment firm with over USD 1 trillion in assets under management (AUM) globally, is reportedly entering the Indian hotel market.Read more

12 Apr 2024

Mumbai-based NBFC, Infinity Fincorp, secured a USD 26 million funding round led by Jungle Ventures to aid small businesses' access to formal credit. Targeting micro-entrepreneurs often neglected by traditional banks, Infinity specialises in lending to businesses like tea shops and small manufacturers. With a loan book exceeding INR 750 crore across 20,000 loans, the funding will expand their reach. Founder Shrikant Ravalkar plans to invest in distribution, accelerating their mission. With micro-enterprises forming over 95% of Indian businesses facing a credit gap exceeding USD 500 billion, Infinity's investment promises a more inclusive and prosperous economic future.Read more

12 Apr 2024

Hilton has acquired a majority controlling interest in Sydell Group to expand its NoMad Hotels brand globally. Led by founder Andrew Zobler, Sydell Group has established innovative lifestyle brands like NoMad, The Line, and Freehand. NoMad properties will maintain their design and branding under Sydell Group while Hilton oversees expansion, aiming for 100 hotels worldwide. The partnership aligns with Hilton's strategy to enhance its luxury and lifestyle offerings, catering to evolving guest preferences. Each NoMad hotel will offer a unique luxury experience tailored to its locale, blending grandeur with intimacy and featuring local art collections. Hilton's venture into the luxury lifestyle sector solidifies its position as an industry leader, delivering exceptional experiences to travelers worldwide.Read more

11 Apr 2024

Singaporean hospitality brand Ascott is looking to enter the co-living segment in India and expand its serviced apartment business in the country. Currently operating seven properties through partnerships, Ascott plans to open 10 more by 2027. It also intends to launch a co-living brand in India, having started one in Singapore in 2019. Ascott tied up with Paras Buildtech to open a 94-room serviced apartment in Gurugram. The company aims to open another property in Gurugram and then explore tier-2 cities. Ascott covers various accommodation types and caters to the needs of living spaces in growing tech hubs.Read more

10 Apr 2024

Bengaluru-based Ferns Estates acquires a luxury hotel in Goa for INR 175 crore, along with an adjacent 2-acre plot for additional suites. Securing a INR 150 crore project loan from Bajaj Finance, they plan to construct high-end suites to meet demand. Chairman Errol Fernandes highlights Goa's dense hotel landscape and Ferns Estates' expansion strategy to add 1,000 keys across diverse locations. This move aims to enhance profitability and market position. In 2023, Indian hotel investments surged to USD 401 million, with HNIs and financial institutions driving activity.Read more

09 Apr 2024

Radisson Hotel Group aims to sign 30 new hotel deals annually over the next five years as part of its aggressive expansion plans in India. Currently India's second largest international hotel operator with 115 hotels across its brands, Radisson sees continued strong growth in India's hospitality sector. The company plans to open 30 hotels each year to achieve its goal of having a property within a two-hour drive anywhere in India. This bullish outlook is driven by surging domestic demand and higher investments from hotel owners, positioning Radisson for further growth in India.Read more