Hospitality & Retail

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Over INR 10,000 crore to be invested by major builders into India's hotel sector

Several major real estate and hospitality companies in India have recently announced significant investments in the hotel sector. Prestige Estates Projects signed a INR 4,250 crore deal with Marriott, while DB Realty hired a hospitality veteran to expand their hotels arm worth INR 2,300 crore. Property developers like K Raheja Corp. have each earmarked at least INR 10,000 crore for hotel development over the next 5-7 years. International chains like Hyatt are also looking to invest heavily in India. House of Abhinandan Lodha plans to invest INR 2,000 crore in luxury hotels across spiritual destinations, and DS Group earmarked INR 1,000 crore for their hotels division. These large investments reflect the rapid growth and attractive opportunities in India's booming hospitality industry....
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Fortune Hotels makes grand entrance near Statue of Unity with 144-room vegetarian haven

Fortune Hotels, part of ITC's hotel group, has launched Fortune Statue of Unity Ekta Nagar, strategically located near the Ekta Nagar railway station. This hotel features 144 well-appointed, vegetarian-only rooms with views of the Narmada River, catering to the growing demand for vegetarian-friendly travel. Amenities include 24-hour room service, high-speed Wi-Fi, and the Rainbow Restaurant offering a diverse vegetarian menu. The hotel also plans to offer versatile banquet facilities for up to 500 guests. Positioned near the Statue of Unity and various local attractions, Fortune Statue of Unity Ekta Nagar aims to enhance Ekta Nagar's appeal as a major tourist destination....
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Phoenix Mills expands into hospitality and office space, targets growth in premium segments

Phoenix Mills, a key player in retail, is diversifying into hospitality and office spaces. They operate luxury hotels like St. Regis Mumbai (valued at over INR 1,200 crore) and Courtyard by Marriott Agra. Construction is underway for a 400-room Grand Hyatt in Bengaluru's Marketcity project, with an estimated investment of INR 600 crore. They've also acquired 11 acres near Mumbai for a potential 600-room hotel requiring an investment of nearly INR 800 crore. Their office portfolio aims to quadruple by FY28, reaching 7 million sq. ft. and generating an estimated INR 1,000 crore annual rental income, up from INR 170 crore in FY24....
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New five-star hotel 'The World' opens in Surat

Royal Orchid Hotels Ltd, in partnership with Hindva Hospitality LLP, has launched 'The World' the largest all-suite five-star hotel in Gujarat, marking its first hotel in Surat. Strategically located near key landmarks like the Surat Diamond Bourse and the upcoming Bullet Train Station, The World features 288 suites accommodating up to six guests each. The hotel boasts modern amenities, including banqueting rooms, spacious lawns, meeting facilities, a signature spa, a co-working space, and a gaming zone. This project aligns with Prime Minister Modi's vision of Surat as a diamond trading hub and aims to set new standards for luxury hospitality in the city....
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Lemon Tree Hotels expands portfolio with Bareilly property acquisition

Lemon Tree Hotels expands its footprint in Uttar Pradesh with the announcement of Keys Select by Lemon Tree Hotels, Bareilly. Expected to open in 2025, the property will boast 60 rooms along with dining, banquet, and fitness facilities. Situated in the northern Indian state near Ramganga, Bareilly is renowned for its furniture manufacturing and cotton trade. Lemon Tree's move reflects the city's rising stature, particularly as a "Counter Magnet" in the NCR. With this addition, Lemon Tree Hotels reinforces its commitment to Uttar Pradesh, recognizing its rich historical and industrial appeal....
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Tata-group owned IHCL launches 'Ekyam' platform to manage 25 hotels and 2,500 rooms by 2025

Tata Group-owned Indian Hotels Company Ltd (IHCL), which operates the Taj Group of hotels, has announced the launch of 'Ekyam', a new marketing platform to manage its portfolio of 25 hotels, and 2,500 rooms by 2025. The hotels at present on the platform, are jointly owned with its long-time partner, Nepali conglomerate CG Group's hospitality arm. Under two joint ventures, IHCL and CG Group own 7 of the 11 operational hotels, while CG Group owns the remaining 4. 'Ekyam' will primarily focus on properties located near adventure experiences in the Indian Ocean, Greater Himalayan regions, and wildlife areas. The platform aims to enhance transparency and drive growth in these properties under the two joint ventures between IHCL and CG Group....
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Prestige Estates plans massive INR 1700 crore expansion of its hospitality portfolio

Prestige Estates Projects Ltd plans to significantly expand its hospitality portfolio over the next 3-4 years with a total investment of INR 1,700 crore. The company currently manages 1,849 rooms across various hospitality assets in India. The expanded portfolio is expected to generate annual revenue of INR 1,800 crore, double the current revenue of INR 900 crore. Prestige is exploring new markets like Srinagar, Ayodhya, Goa, Mumbai and expanding in existing markets. Prestige is also evaluating monetizing its existing hospitality portfolio through REITs and IPO. With the hospitality sector witnessing strong growth and demand returning to pre-pandemic levels, Prestige Estates' planned expansion of its portfolio seems timely....
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IHCL records 27% YoY rise in Q4 net profit, plans INR 3,500 crore investment for growth

Indian Hotels Company Limited (IHCL) reported a 27.43% YoY rise in Q4 net profit to INR 418 crore, though net profit fell 8% QoQ. Revenue rose 18% YoY to INR 1,951 crore. For FY24, net profit grew 26% to INR 1,259 crore on a 17% revenue increase to INR 6,952 crore. IHCL achieved its 'Ahvaan 2025' goals ahead of schedule and will also launch upscale hotels under the re-imagined Gateway brand, expand internationally, and invest INR 3,500 crore over 5 years. IHCL is well positioned for continued growth, having already exceeded its strategic goals....
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IHG Hotels & Resorts to expand presence in India, eyes 100 properties in five years

IHG Hotels & Resorts aims to double its operating hotels in India to 100 properties over the next five years. Currently, it operates 46 hotels with nearly 50 more in the pipeline. In 2023, IHG recorded strong growth across brands in cities like Gurgaon, Mumbai and Amritsar. It is targeting tier 2/3 cities and focusing on mid-scale brands which reflect 70% of new deals. The expansion plan features brands like InterContinental, Crowne Plaza, Voco, Holiday Inn and more to meet India's demand for branded accommodations....
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Wyndham Hotels plans expansion into India's growing branded residences market

Wyndham Hotels is expanding aggressively into India's booming branded residences sector. By 2025, the hospitality giant aims to have at least five branded residential projects operational across major Indian cities like Bengaluru, Mumbai, and Delhi. According to Dimitris Manikis, President of Wyndham for Europe, Middle East and Africa, the company sees strong potential given rising demand from consumers who prioritize security, health, and unique experiences from trusted brands. With a robust pipeline, Wyndham is well-positioned to capitalize on the growing demand in the residential and hospitality market in India....
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DLF to invest INR 2200 crore in developing a new shopping mall in Gurugram

DLF embarks on constructing the "Mall of India" in Gurugram, anticipated to span 26-27 lakh square feet and cost INR 2,200 crore. Sriram Khattar, DLF's Vice Chairman and MD of rental business, revealed these details at a CII real estate conference. With 42 lakh square feet of retail space across Delhi NCR, DLF aims for further expansion, including a premium mall in Goa and high-street shopping centres near residential projects. The "Mall of India" signifies DLF's commitment to India's retail sector growth and its strategic position as a leading retail property developer. This endeavor promises to elevate Gurugram's commercial landscape while enhancing DLF's market prominence....
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India anticipates 8 million sq. ft. of new retail mall supply in 2024

A Cushman & Wakefield report revealed promising trends in India's retail sector for Q1 2024. The report indicated that Ahmedabad experienced strong leasing activity, with rental hikes of 20-30%. Bengaluru's prominent high streets saw a rental appreciation of around 10% per quarter, while Chennai witnessed a surge in high street leasing volume. Delhi-NCR's key high streets in Gurugram and South Delhi saw rental growth of up to 10% year-over-year. Hyderabad reported high demand for both malls and high streets, with rental increases of 15-25%. Kolkata saw modest growth in leasing activity, and Mumbai anticipated new mall openings in suburban areas. Pune experienced a significant increase in mall leasing and high street rentals. Overall, the retail market in India appears robust and poised for further growth in 2024....
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Lulu Group looks to offload under-construction hotel near Bengaluru Airport valued at INR 400 crore

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....
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ITC Hotels unveils ambitious expansion plan for 70 new properties in 5 years

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....
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Retail leasing forecast in 2024 is expected to reach 6-6.5 million sq. ft.

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....
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Wyndham Hotels expands in India, targets highway development

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....
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Blackstone sets sights on South India's booming hotel market for INR 400 crore

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....
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Infinity Fincorp secures USD 26 million funding to empower small businesses in India

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....
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Hilton acquires majority stake in Sydell Group for USD 715 million

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....
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Singapore based Ascott enters the co-living segment in India

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....
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Ferns Estates acquires luxury hotel in Goa for INR 175 crore

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....
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Radisson Hotel Group targets aggressive expansion in India

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....
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PepsiCo India announces new INR 1,266 crore facility in Ujjain, Madhya Pradesh

PepsiCo India has announced plans to set up a new flavor manufacturing plant in Ujjain, Madhya Pradesh with an investment of INR 1,266 crore. Spread over 22 acres, the facility will boost PepsiCo's beverage production capabilities in India as part of its expansion plans. The company states the plant will be fully powered by renewable energy and implement zero liquid discharge technology to ensure 90% overall water efficiency and responsible water management. This investment marks PepsiCo's second major move in India since September 2023 and will be operational by early 2026....
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Accor aims to boost presence in India with 30 new hotels over the next 3-5 years

Accor, a global hospitality giant, is poised for substantial expansion in India, aiming to add 30 new hotels with around 5,500 rooms over the next three to five years. With a diverse portfolio spanning luxury to economy segments, including renowned brands like Raffles and Novotel, Accor targets India's burgeoning middle class and thriving events market. Anticipated openings in cities like New Delhi and Bhopal highlight its strategic growth trajectory. Bolstered by India's economic growth and tourism sector, Accor's commitment to annual growth reflects confidence in the market's potential. As hotel investment surges and interest spreads to Tier-2 cities, Accor's ambitious plans align with India's evolving hospitality landscape....
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Jain Group ventures into hospitality, investing INR 500 crore by 2030

Kolkata-based Jain Group plans to invest INR 500 crore by 2030 for expanding its hospitality business. Teaming up with Sarovar Hotels Pvt Ltd, they will launch a new hotel in Rajarhat within four months, investing INR 120 crore initially. The upcoming hotel, Sarovar Portico Kolkata Rajarhat, will boast 128 rooms across various categories and is set to open this July. Jain Group aims to reach 1,000 hotel rooms by 2030, including upscale mid-market to luxury segments, with existing presence at Holiday Inn, Kolkata airport, and plans for three more hotels in Siliguri, Durgapur, and Joka....
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IHCL signs 52 hotels in FY24 and achieves its objectives under Ahvaan 2025

Indian Hotels Company Ltd (IHCL) has signed 52 hotels during the fiscal year 2024, nearly tripling the number of signings compared to the previous year. This accelerated expansion reflects IHCL's goal of growing its portfolio to over 300 hotels as part of its 'Ahvaan 2025' strategy. IHCL also opened 34 hotels in FY24, achieving its target. Executives highlighted strategic growth through upscale full-service hotels and existing partnerships, with a diversified pipeline including international and airport locations that reinforces IHCL's domestic leadership while facilitating international expansion....
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Oyo targets INR 100 crore profit after tax (PAT) in Q4 and 20% revenue growth in FY24

Oyo, the budget hotel chain, targets a substantial profit increase and continued revenue growth in FY24, indicating a potential turnaround. Its parent company, Oravel Stays, aims for a INR 100 crore profit after tax (PAT) in Q4, tripling from the previous quarter. Additionally, a 20% year-on-year revenue growth, exceeding INR 2,000 crore compared to FY23, is targeted. Oyo's recent profitability, driven by revenue growth and enhanced brand confidence, is complemented by strategies such as expanding its hotel portfolio, international expansion, and initiatives like the Oyo Accelerator Programme. Prioritising markets like India, Europe, Indonesia, and Malaysia, along with focusing on spiritual tourism, positions Oyo for a robust performance in 2024....
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91Squarefeet to redefine dining experience at Kritunga restaurants outlets in South India

Kritunga Restaurants has partnered with 91Squarefeet, a well-known commercial fit-out services company, to renovate its stores throughout South India. The alliance intends to improve the dining experience by optimising layout, combining cultural themes, and emphasising sustainability. The alliance, which focuses on operational efficiency and customer happiness, promises to raise the bar for restaurant design and ambiance. Kritunga and 91Squarefeet want to create immersive eating spaces that honour South Indian heritage while also providing great service and culinary quality....
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Omkara ARC acquires Park Hyatt Hyderabad's bad loans

Omkara ARC, led by Manish Lalwani, bought Park Hyatt Hyderabad's non-performing loans (NPLs) at a 34% discount from lenders BlackRock and JM Financial. The luxury hotel, famed for its luxurious facilities and ideal location, secured its INR 450 crore main outstanding debt through a INR 300 crore all-cash transaction. This strategic decision shows Omkara ARC's experience in distressed asset sales and broadens its presence in the hospitality industry. The acquisition is consistent with Omkara ARC's overall strategy of discovering value-driven investments, which positions it as a prominent participant in the industry....
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Prestige and Marriott collaborate to construct six hotels in India

Prestige Estates Projects and Marriott International have joined forces for six hotel projects, marking a substantial investment in India's tourism sector. Spread across scenic locales in Goa and Karnataka, these projects will offer 801 keys, including brands like Marriott, Moxy, and Autograph Collection. With an estimated investment of INR 1000 crore, this collaboration signifies a commitment to luxury and innovation, promising to redefine hospitality standards and drive industry growth in the region....
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Aster DM Healthcare to expand in India with USD 108 million as Gulf deal closes

Aster DM Healthcare plans a USD 108 million expansion in India while divesting its Gulf business. With ambitions to rank among India's top three hospital chains, Aster aims to add 1,500 beds by 2027. Despite India contributing only a quarter of its revenue, growth in the region outpaces the Gulf. Aster agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital, distributing the proceeds to shareholders. Since the announcement, Aster's shares have surged by 32%, reflecting investor optimism. These strategic moves signal Aster's commitment to evolving in the healthcare sector while maintaining excellence in patient care....
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CIDCO unveils scheme to sell 243 shops in Ulwe, Navi Mumbai

CIDCO has launched a scheme to sell 243 shops in Navi Mumbai's Ulwe node, aiming to bolster economic activity and provide opportunities for small and medium businesses. With Ulwe's rapid urbanization and strategic location near transit networks and the Mumbai Trans Harbour Link, the area presents promising prospects for business growth. CIDCO's Vice Chairman emphasized the scheme's significance for local entrepreneurs, urging them to seize the opportunity to stimulate economic growth and job creation. Interested parties can register for the auction until April 13, showcasing CIDCO's dedication to fostering business growth and economic development in Navi Mumbai....
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