Ferns Estates acquires luxury hotel in Goa for INR 175 crore
Author : PNT Bureau
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....
Radisson Hotel Group targets aggressive expansion in India
Author : PNT Bureau
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....
PepsiCo India announces new INR 1,266 crore facility in Ujjain, Madhya Pradesh
Author : PNT Bureau
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....
Accor aims to boost presence in India with 30 new hotels over the next 3-5 years
Author : PNT Bureau
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....
Jain Group ventures into hospitality, investing INR 500 crore by 2030
Author : PNT Bureau
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....
IHCL signs 52 hotels in FY24 and achieves its objectives under Ahvaan 2025
Author : PNT Bureau
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....
Oyo targets INR 100 crore profit after tax (PAT) in Q4 and 20% revenue growth in FY24
Author : PNT Reporter
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....
91Squarefeet to redefine dining experience at Kritunga restaurants outlets in South India
Author : PNT Reporter
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....
Omkara ARC acquires Park Hyatt Hyderabad's bad loans
Author : PNT Reporter
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....
Prestige and Marriott collaborate to construct six hotels in India
Author : PNT Bureau
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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