IHCL surpasses growth targets, on track to set up 300 hotels by 2026
Author : PNT Bureau
The Indian Hotels Company Limited (IHCL) is poised to exceed its target of 300 hotels in its portfolio ahead of schedule, with plans to achieve this milestone within the next three to four months. Bolstered by a robust financial performance for the quarter ending December 31, 2023, IHCL reported an 18% increase in operating revenue and profit after taxes, attributed to effective asset management and business model innovation. With 85 hotels in development and strong cash reserves, IHCL anticipates sustained growth, particularly in domestic tourism, with a strategic focus on spiritual destinations. Market response to IHCL's Q3FY24 results has been overwhelmingly positive, reflected in a surge in stock price and optimistic outlook for double-digit revenue growth in FY25, underpinned by portfolio expansion and management contracts....
Nexus Select Trust to acquire Hyderabad malls for INR 1,000 crore
Author : PNT Bureau
Nexus Select Trust, Blackstone's retail division, is set to acquire a portfolio of three malls spanning 1 million sq ft in Hyderabad from L&T Metro for an estimated value exceeding INR 1,000 crore. The potential deal includes E Galleria, L&T Metro Mall, and Next Galleria Mall. This move follows Nexus Select Trust's strategic expansion in India, having added the Select City Walk mall in New Delhi last year. The retail sector's robust performance in India, marked by a 47% YoY increase in leasing in 2023, aligns with Nexus Select Trust's growth strategy....
The National Company Law Tribunal's Kolkata bench has approved a resolution plan of INR 301 crore, which will allow Shri Ram Multicom to purchase Sarga Hotels. The resolution plan was approved with assistance from main creditors, JC Flowers Asset Reconstruction Company and Rare ARC, despite claims from creditors totaling INR 816 crore. Sarga Hotels, a division of Shristi Infrastructure Development Corporation, had to navigate legal obstacles twice before facing insolvency. For JC Flowers ARC and Rare ARC, the recovery is at 39%. This case emphasizes how complex the creditor relationships, court rulings, and bankruptcy procedures are within the IBC framework....
ITC Hotels to launch its first international luxury hotel in Sri Lanka
Author : PNT Bureau
ITC Hotels, a leading luxury hotel chain in India, is set to launch its first international luxury hotel in Colombo, Sri Lanka, under the subsidiary WelcomHotels Lanka. The property, named ITC Ratnadipa, represents an investment of approximately Rs 3,000 crores and is expected to have 352 rooms. The company plans to inaugurate the hotel within the next two months. Zubin Songadwala, Vice President of Operations (South & East) at ITC Hotels, highlighted the robust pipeline of projects in different geographical locations within India, with the goal of opening 25 hotels in the next two years and reaching a total of 200 hotels over the next five years....
Mahindra Holidays to invest Rs 800 crore in 3 greenfield resorts in Tamil Nadu
Author : PNT Bureau
Mahindra Holidays & Resorts India Ltd (MHRIL) is set to invest Rs 800 crore in building three greenfield resorts in Tamil Nadu over the next five to six years, doubling its presence in the state. The resorts aim for net-zero energy, water, and waste, showcasing their commitment to sustainability. This strategic expansion aligns with MHRIL's vision to achieve 10,000 room inventory by 2030 and carbon neutrality by 2040. The project is expected to generate around 1,500 job opportunities, emphasising both economic growth and environmental responsibility....
Oyo to expand presence in spiritual hubs with 400 new properties
Author : PNT Bureau
Oyo, the budget hospitality chain, is set to introduce 400 new hotels in prominent spiritual hubs across India, capitalizing on the increasing interest in spiritual tourism and a surge in domestic travel. The properties will be located in destinations like Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route, aiming to be operational by the end of December. Oyo attributes this expansion to a 350% increase in searches for Ayodhya properties, driven by the opening of the Ram temple. The company plans to strategically position these properties near significant landmarks to facilitate convenient access to religious sites and tourist spots. Oyo has partnered with local authorities to address the rising demand for accommodation in Ayodhya....
35 major retail brands expand to tier-II cities in India between Jan-Sep 2023
Author : PNT Bureau
From January to September 2023, 35 major retail brands expanded into 14 Tier-II cities, according to a report by CBRE South Asia Pvt. Ltd. Cities such as Chandigarh, Jaipur, Indore, Goa, attracted brands like Croma, Armani Exchange, Malabar Gold & Diamonds, H&M, Marks & Spencer, and Starbucks. The total retail stock in these cities reached 29 million sq. ft. Retail development included a mix of high streets and malls, totalling 2.4 million sq. ft. Key contributors were Chandigarh, Jaipur, and Lucknow. Chandigarh evolved into a prominent retail market, attracting brands like Zara and Uniqlo, while Jaipur experienced growth in Malviya Nagar and M.I. Road. Lucknow's retail market saw robust growth in Gomti Nagar and Hazratganj. Indore, a commercial hub, witnessed growth in AB Road and Central Indore, and Goa, known for tourism, attracted brands like Levi's and Puma, with upcomin...
Juniper Hotels sets sights on upscale luxury developments in major metros ahead of IPO
Author : PNT Bureau
Juniper Hotels, set for a late January or early February IPO, is strategically shifting towards developing large-scale luxury hotels in key metros like Delhi, Mumbai, and Bengaluru, departing from the mid-market segment. The CMD, Arun K. Saraf, anticipates robust growth in the luxury category due to a limited projected increase in supply over the next five years. The company aims to leverage its strong partnership with Hyatt and maintain brand agnosticism. The IPO, contributing Rs 1,800 crore, seeks to deleverage and fuel future expansion while maintaining ownership structures....
Dmart acquires Delhi retail space for Rs 108 crore from Migsun Group
Author : PNT Bureau
Realty firm Migsun Group has successfully sold 47,000 square feet of retail space in its commercial project in Delhi's sector 22, Rohini, to Dmart for a significant Rs 108 crore. The strategic acquisition involves lower ground and first floors, now designated for a hypermarket store by Dmart. Migsun Group, known for its extensive real estate portfolio, sees this as an exceptional investment opportunity, given the prime location's proximity to Rohini West metro station and a substantial catchment area of high-spending families. Dmart's move aligns with its retail expansion strategy in the thriving Delhi commercial landscape....
ITC's Fortune Hotels aims for robust growth in fiscal year 2024 with 10 new properties
Author : PNT Bureau
Fortune Hotels, a mid-segment chain under ITC Hotels, is poised for significant expansion in the fiscal year 2024. Samir MC, the Managing Director, outlined plans to add 10 new properties and sign agreements for another 10, capitalizing on the company's successful performance in the current fiscal year. With a focus on tier-2 markets and the leisure segment, Fortune Hotels aims for a balanced 50:50 mix between business and leisure hotels. Samir highlighted the recent acceleration in growth, signing contracts for around 20 hotels in the last two years and opening 13 during that period, signalling a proactive approach to capitalize on emerging opportunities....
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