The State Bank of India (SBI), India's largest lender, plans to open 400 new branches across the country in the current financial year (FY25), despite a rise in digital banking, with nearly 89% of transactions happening outside physical branches. SBI Chairman Dinesh Kumar Khara emphasised the need for branches to provide in-person services like wealth management and financial advisory. The expansion focuses on rural areas to improve financial inclusion for the unbanked population. With these additions, SBI's network will grow to 22,942 branches, balancing physical and digital services to cater to diverse customer needs....
InterGlobe to launch 12 Miiro hotels across Europe by 2025
InterGlobe Enterprises intends to open twelve Miiro hotels throughout Europe, beginning with Paris in July and Barcelona in August, followed by London and Vienna in 2025. The new brand caters to frequent visitors aged 30 and up, offering entry-level luxury rooms. InterGlobe, which also runs IndiGo Airlines, bought eleven properties from K+K properties in 2019. InterGlobe Aviation's latest equity sale for INR 73,360 crore would fuel its expansion. Miiro plans to compete in mature areas such as London and Paris....
Royal Orchid Hotels targets doubling rooms to 11,000 keys in two years
Royal Orchid Hotels, a Bengaluru-based hospitality company, has announced an ambitious plan to nearly double its room count to 11,000 keys across India within two years. Targeting new cities in Jammu & Kashmir, Uttar Pradesh, Andhra Pradesh, and Telangana, the company aims to secure management contracts and explore flexible-lease revenue-sharing models. Shifting to an asset-light approach, Royal Orchid focuses on leases and revenue-sharing agreements to accelerate expansion and mitigate financial risks. With over 100 hotels in India, Sri Lanka, and Nepal, the company seeks to strengthen its luxury and smart hotel segments, reflecting optimism in the rebounding Indian hospitality sector....
Phoenix Mills announces new malls in Thane and Bangalore
Phoenix Mills Limited plans to expand with a third mall in Thane, Mumbai Metropolitan Region (MMR), as well as a potential hotel. It also aims to extend its Phoenix MarketCity Mall to Bengaluru. Phoenix Mills now operates two properties: Phoenix Palladium in Lower Parel, Central Mumbai, which houses a St Regis Hotel and a residential tower, and Phoenix MarketCity in Kurla, Mumbai. These additions seek to capitalise on Thane's growth and Bengaluru's dynamic market, expanding retail and hospitality options while driving economic growth and employment....
Lemon Tree Hotels to rennovate Aurika Mumbai to enhance customer experience
Lemon Tree Hotels is giving Aurika Mumbai a significant makeover, aiming to enhance its appeal and attract more guests. Renovations include updating rooms with new furniture, better lighting, and comfortable beds to ensure a pleasant stay. Common areas such as the lobby, restaurants, and event spaces will be redesigned for a more inviting experience. Aurika Mumbai Sky City offers modern conveniences and luxurious amenities, making it ideal for business or leisure. The hotel emphasizes fine dining and eco-friendly practices, like recycling and energy-efficient lighting. This investment reflects Lemon Tree Hotels' commitment to excellence, positioning Aurika Mumbai as a top destination in the city and boosting its reputation in the competitive hotel industry....
ITC Ltd. to demerge hotel business, creating ITC Hotels for independent growth
ITC Ltd. is set to demerge its hotel business, creating a new entity, ITC Hotels, poised for independent growth and financial stability. The move reflects ITC's strategic focus on core competencies and shareholder value, supported by a debt-free balance sheet. Despite economic challenges, ITC maintained financial discipline, emphasizing resilience and proactive management. The demerger, approved by 99.59% of shareholders and endorsed by the board in August 2023, will see ITC Hotels go public after regulatory approvals. This reorganization aims to reduce non-core risks and drive long-term profitability. ITC's focus on operational excellence and market opportunities positions both entities for continued success...
Retail space to expand by around 45 million square feet in next 5 years
A recent JLL report forecasts a 45 million sq. ft. surge in organized retail space across Mumbai, Delhi NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai by 2028. This transformative shift to experience-centric retail caters to today's consumer looking for more than just shopping. Expect mega malls exceeding 1 million sq. ft. and two monumental projects surpassing 2.5 million sq. ft. in Delhi NCR. Driven by global influences and investor interest, these developments promise a diverse mix of stores, entertainment zones, and dining experiences. With lease-based models allowing curated offerings, a new era of retail awaits, offering a dynamic and immersive shopping journey....
Oyo Hotels & Homes achieves first full year of profitability with INR 799.6 crore profit and INR 1,000 crore cash balance
Oravel Stays, the parent company of Oyo Hotels & Homes, reported a significant milestone: its first full year of profitability in the 2023-24 financial year with a profit of INR 799.6 crore (USD 12 million). This success follows eight consecutive quarters of positive EBITDA, totaling INR 2,100 crore. Oyo also maintained a cash balance of INR 1,000 crore and saw improvements in gross margins and operating costs. Founder Ritesh Agarwal is optimistic about future growth in India and international markets. Despite challenges like withdrawing its IPO papers, Oyo added over 5,000 hotels and 6,000 homes globally, reflecting a robust turnaround strategy....
Hilton to expand its presence in India with the introduction of Curio Collection and Waldorf Astoria brands
Hilton, a global hospitality leader with over 6,800 hotels, plans to triple its presence in India within 5-7 years. Currently operating 24 hotels across five brands, Hilton aims to expand to 75-100 hotels in top Indian markets. The strategy includes introducing the Curio Collection and Waldorf Astoria brands. A strong focus on food and beverage (F&B) aims to boost F&B revenue from 35% to 45%, targeting the INR 5 trillion wedding and conference market. Expansion into tier-2 and tier-3 cities is also planned, leveraging rising disposable incomes. This ambitious growth requires significant investment, emphasizing Hilton's confidence in India's hospitality sector....
Aparna Constructions invests INR 284 crore in Hyderabad's retail and entertainment sector
Aparna Constructions and Estates has ventured into the retail and entertainment sectors, investing INR 284 crore in Hyderabad. The company has allocated INR 252 crore to develop Aparna Neo Mall and INR 32 crore for Aparna Cinemas. The mall, located in Nallagandla, spans 3.67 acres and is set to open on May 31, 2024. Director Rakesh Reddy announced plans for four more malls featuring Aparna Cinemas across Telangana and Andhra Pradesh by 2027. Aparna's residential and commercial portfolios are also experiencing annual growth of 20% and 10%, respectively....
Radisson plans massive expansion in India with focus on religious destinations and tier two cities
Radisson Hotel Group, the second-largest international hotel chain in India, the country this year, driven by the growing demand for travel and accommodation. The chain aims to have a hotel within a two-hour driving distance in India, with a focus on expanding its presence in religious destinations. The company has already opened hotels in Ayodhya and Srinagar, achieving high occupancy and daily rates. Radisson is also planning to open new hotels in tier two, three, and four cities, believing that India's growth potential extends beyond just the metros. The company is committed to hiring 3,000 new employees this year and supporting the reverse migration of team members to their hometowns....
Lulu Group expands its presence India with new ventures in Amritsar and Noida
Lulu Group International, a prominent retail conglomerate based in Abu Dhabi, is making significant investments in India. The group has partnered with the Punjab government to establish a logistics and food-processing centre in Amritsar, which will serve as a hub for sourcing local products and supporting Small and Medium Enterprises (SMEs), farmers, and agricultural cooperatives. Additionally, the Lulu Group has expressed interest in investing INR 2,500 crore to open a mall and a hotel in Noida, Uttar Pradesh, as part of their expansion plans across the state....
Pilgrimage tourism in India sees 30-100% increase in summer bookings
India's pilgrimage destinations are thriving this summer, with travel companies reporting a 30% to 100% rise in bookings compared to last year. Popular sites like Ayodhya, Varanasi, Prayagraj, the Char Dham circuit, and Tirupati are drawing significant crowds. Thomas Cook (India) Ltd saw a 100% increase in Char Dham yatra packages, driven by younger travellers. The surge in visitors has prompted hotels to enhance their offerings, with mid-market and budget accommodations in high demand. This trend underscores the importance of pilgrimage tourism in India's travel sector, supported by innovative travel packages and improved connectivity....
Trent Ltd reports strong performance as Zudio expands to 545 stores in 164 cities
Trent Ltd's value fashion brand Zudio had a record year in fiscal 2024, opening 203 new stores and entering 46 new cities. With a store footprint of 10,000 sq ft, Zudio is well positioned for expansion. In FY2024, Zudio entered 46 new cities and strengthened its presence in 48 existing cities. For the full year, Trent Ltd reported consolidated revenues of INR 12,375 crore and net profit of INR 1,477 crore across its retail formats. The success of Zudio has attracted other national retailers like Yousta (Reliance Retail), Style-Up (ABFRL), and InTune (Shoppers Stop) to enter the value retail space. With India's value retail market projected to surge to USD 170 billion by 2026, Trent Ltd is well positioned to capitalize on opportunities through these brands in the high growth segment....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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....
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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