Airbnb and Uttarakhand Tourism Board join forces to boost responsible tourism
Author : PNT Bureau
Airbnb has entered a partnership with Uttarakhand Tourism Development Board (UTDB) to promote responsible tourism in lesser-known destinations. Through a Memorandum of Understanding (MoU), Airbnb will conduct capacity-building workshops, onboard homestays onto its platform, and contribute to creating a robust homestay ecosystem in pilot locations. The collaboration aims to preserve Uttarakhand's cultural heritage and natural beauty while empowering local hosts. UTDB's CEO, Sachin Kurve, sees this partnership as a means to promote homestay culture and responsible hosting, providing unique experiences for travellers....
IHCL, Marriott, and Lemon Tree Hotels drive India's hospitality surge in 2024
Author : PNT Bureau
In 2023, the Indian hospitality industry witnessed a remarkable surge, with major chains like IHCL, Marriott, and Lemon Tree contributing significantly to the record hotel room additions. IHCL added 18 hotels and 1800 rooms in 2023 and plans to add 2400 rooms across 24 hotels in 2024. Marriott aims to launch 14 hotels with 1,842 rooms, introducing the Moxy brand to India. JLL notes a 25% YoY increase in hotel supply in 2023. Expectations for 2024 include a continued momentum, fueled by revived developments and optimistic market conditions, projecting 20,000 to 25,000 new standardized rooms....
High Court orders handover of Hotel Wildflower Hall to HPTDC
Author : PNT Bureau
The legal dispute over Hotel Wildflower Hall in Himachal Pradesh has concluded with the High Court mandating East India Hotels (EIH) to cede control to Himachal Pradesh Tourism Development Corporation (HPTDC) within two months. The court's order, following EIH's unsuccessful plea for review, upholds HPTDC's "warrant of possession" filed on December 15, 2023. Originating from a 1993 fire, EIH managed the property via a joint venture until disputes led to the state terminating the agreement in 2002. The court's decision recognizes the contractual intricacies, affirming legal integrity and concluding the protracted legal battle over Hotel Wildflower Hall....
Lakshadweep Islands emerge as the new tropical tourist destination
Author : PNT Bureau
Lakshadweep has gained a lot of attention following Prime Minister Modi's visit. Captivating visuals on social media alongside a diplomatic row with Maldives has led to a rise in interest. Riding on the wave, the Taj Group plans to enhance the experience with two resorts by 2026. The flights to Lakshadweep have been fully booked until March 2024. The anticipation of a new airport line promises enhanced accessibility, bringing positive prospects for Lakshadweep's tourism. As Indians discover its untouched beauty, maintaining the delicate equilibrium with the environment becomes crucial for Lakshadweep's identity among tropical paradises....
NCLAT overturns insolvency proceedings concerning Asian Hotels West
Author : PNT Bureau
The NCLAT reversed insolvency proceedings against Asian Hotels (West), Mumbai's Hyatt Regency, approving the former promoters' proposal dismissed by lenders, citing it as arbitrary. Criticising UVARCL's claim differences, the tribunal favoured the promoters' plan for full creditor repayment. The hotel, affected by COVID-19, faced financial strains despite YES Bank's loans. The ruling highlights complexities in insolvency amid economic uncertainties like the pandemic....
Abhinandan Lodha Group and Leela Palaces to develop luxury hotels worth Rs 2000 crore in Ayodhya
Author : PNT Bureau
Abhinandan Lodha Group and Leela Palaces join forces to build Rs 2000 crore hotel in India's historic and cultural cities containing Ayodhya, Amritsar, Benares, Shimla, and Vrindavan, kickstarting a plan for luxury hotels in culturally significant Indian cities. The Ayodhya Hotel, situated near the Shri Ram Janmabhoomi Temple, will cover five acres by the Sarayu River. Leela Palace has collaborated in designing and co-owning the property, marking their first joint luxury project. This initiative aligns with the boost for tourism anticipated in Ayodhya. The partnership signals a redefinition of luxury hospitality, aiming to offer an exceptional experience while honoring Ayodhya's heritage....
Bengaluru and Hyderabad lead surge in retail space availability in Q4 2023
Author : PNT Bureau
In Q4 2023, India's top eight cities witnessed a retail space surge of 5.9 million sq ft, led by Bengaluru and Hyderabad, as reported by Cushman and Wakefield. Bengaluru and Hyderabad added 1.2 million sq ft and 1.02 million sq ft of Grade A malls, while Mumbai saw no increase, Delhi added 0.22 million sq ft, and Pune noted 1.43 million sq ft. High streets in Bengaluru and Pune experienced up to 20% YoY rental appreciation, surpassing pre-pandemic levels. Eperts have attributed the rental growth to demand-supply mismatch, shorter lease terms, and rising store sizes. In Bengaluru's HSR Layout, rentals witnessed an 18% YoY growth, anticipating further expansion in 2024....
Colliers India drives sale of Bengaluru boutique hotel for Rs 150 crore
Author : PNT Bureau
Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel....
VRO Hospitality secures USD 10 million for expansion
Author : PNT Bureau
Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape....
Cinepolis to set up 5-screen multiplexes in Saya Group's Saya Status and Saya South X
Author : PNT Bureau
Saya Group, a renowned real estate player, announces a strategic collaboration with global multiplex giant Cinepolis to introduce cutting-edge 5-screen multiplexes in its flagship commercial projects, Saya Status and Saya South X. Saya Status, India's tallest mall, spans 1.4 million sq. ft., offering a futuristic design and possession in early 2025. Meanwhile, Saya South X in Greater Noida West is nearing completion and poised to become the retail hub of the region. This partnership aims to elevate the entertainment and commercial potential of both projects, aligning with Saya Group's commitment to quality and comprehensive space development....
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