The National Company Law Tribunal (NCLT) rejects Express Group's revival plan for Neesa Leisure
Author : PNT Bureau
The NCLT rejects Express Group's revival plan for Neesa Leisure Ltd, dismissing the proposal due to flaws in transparency and fairness. Despite creditor approval, the plan favored secured over unsecured creditors, overlooking claims on disputed assets. Now, creditors must regroup to devise a revised strategy. The decision reflects broader trends in the hospitality sector, where strategic buyers and investors are eyeing distressed assets. With over 7,000 companies undergoing resolution, including 146 from hospitality, the sector faces challenges and opportunities for restructuring amidst economic uncertainties....
Accor intends to launch a hotel weekly in Asia throughout the year
Author : PNT Bureau
Accor, a French hospitality giant operating brands like Ibis and Pullman, aims to open a hotel weekly in Asia this year due to rising demand. The company, focusing on core brands like Novotel, Pullman, and Ibis, plans significant expansion, including notable signings like the Fairmont Agra and Novotel Bengaluru Airport. With India's aviation sector booming, Accor remains optimistic despite high room rates. Accor, encouraged by hospitality growth, particularly in emerging markets like India and Indonesia, observes increased developer interest in hotel construction. Last year, it signed 65 hotels in Asia, with plans for further expansion, reflecting the region's promising hospitality industry outlook....
Italian Luxury Shoemaker Santoni to set up boutiques in Mumbai and Hyderabad by 2026
Author : PNT Bureau
Santoni, the renowned Italian bespoke shoe company, is set to expand its presence in India with two new luxury boutiques planned for Mumbai and Hyderabad by 2026. Spearheaded by Luxerati Retail Pvt. Ltd, Santoni's partner in India, this expansion initiative involves an investment of approximately 15 crore. With a growing luxury market in India, Santoni's strategic move reflects confidence in the country's potential and aligns with the increasing demand for high-end footwear....
7-Eleven targets expansive growth after hitting 50 stores in India
Author : PNT Bureau
7-Eleven achieves a significant milestone with 50 stores in India and ambitious plans for further expansion into diverse urban centres, aiming to double its store count within the next couple of years. The recent inauguration of its 50th store in Pune signifies a pivotal moment in 7-Eleven India's journey. With a diverse array of products appealing to India's youthful demographic, including daily essentials and fresh food items, 7-Eleven aims to become the preferred convenience destination. Despite local competition, the modern convenience store format is gaining traction in India. Originating in Dallas in 1927, 7-Eleven entered the Indian market in 2019 and continues its expansion through strategic partnerships. This expansion reflects 7-Eleven's commitment to providing unparalleled convenience and value to consumers while contributing to the evolving landscape of convenience retail in ...
Indian hospitality giants eye Russian luxury hotel market amid international brand withdrawals
Author : PNT Bureau
Following the withdrawal of international hospitality brands from Russia due to the Ukrainian conflict, top luxury hotels in the country are seeking partnerships with leading Indian hospitality firms. Russian officials have approached Indian Hotels Co. Ltd (IHCL) and East India Hotels (EIH) to operate these properties, which were once managed by renowned international brands like Ritz Carlton and Four Seasons. With Western chains leaving Russia, there's a void in management expertise, prompting the need for new operators. Lemon Tree Hotels and Sarovar Hotels & Resorts have shown interest, while Moscow continues to promote tourism to Indian travelers. This collaboration presents an opportunity for Indian companies to expand into the Russian hospitality market, offering mutual benefits for both parties....
IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store....
Luxury amidst nature: Brigade Group's 250-room resort in Chennai's ECR
Author : PNT Bureau
Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets....
Popeyes opens first store in New Delhi, eyes nationwide expansion
Author : PNT Bureau
Jubilant FoodWorks Limited (JFL) introduces Popeyes to New Delhi's Chandni Chowk, marking its expansion into the national capital region after its initial entry into India in 2022. With plans to open stores in other key locations, including Jasola, Faridabad, and Gurugram, Popeyes aims to leverage its own delivery fleet and partnerships with food aggregator apps. JFL targets INR 1,000 crore in sales from Popeyes, capitalising on India's significant non-vegetarian market. The move reflects JFL's strategic expansion efforts and highlights the growing demand for fried chicken in India's quick service restaurant (QSR) sector....
2023 showcases a remarkable growth of India’s entertainment sector in retail leasing
Author : PNT Bureau
In 2023, India's entertainment sector saw a staggering 179% year-on-year surge in retail space leasing, doubling its uptake to 660,000 square feet. This trend, encompassing movie theatres, gaming arcades, and play areas, reflects a shift in consumer behaviour towards shared experiences and leisure activities. CBRE data reveals the entertainment segment's share of overall retail leasing increased from 5% to 9%, with Bengaluru leading the charge at 330,000 square feet, followed by Chennai and Delhi-NCR. Other cities also contributed significantly, marking substantial growth compared to 2022 figures. This surge underscores the rising importance of entertainment experiences in retail spaces, driven by technological advancements and evolving consumer preferences....
Oberoi Realty partners with Marriott International to open hotels in Borivali and Thane
Author : PNT Bureau
Oberoi Realty teams up with Marriott International to redefine luxury living in Mumbai, unveiling plans for two prestigious properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali. Expected by 2027-2028, these projects promise unparalleled urban experiences. Chairman Vikas Oberoi underscores the integrated developments' grandeur, showcasing Oberoi Garden City and Sky City as prime locations. Leveraging Thane's allure and Borivali's vibrancy, Oberoi Realty emphasizes lifestyle enhancement through luxury residences, expansive malls, and seamless connectivity. This partnership cements Oberoi Realty's commitment to pioneering upscale urban communities, blending opulence with community well-being and sustainability, reshaping Mumbai's real estate landscape....
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