Hospitality & Retail

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Dusit International introduces new hotel brands: Dusit Collection and Devarana - Dusit Retreats

Author : PNT Bureau

Two new hotel brand names, Dusit Collection and Devarana - Dusit Retreats, have been introduced by Dusit International, a well-known Thai hotel and real estate development company. The Dusit Collection offers distinctive hotels in well-known locations with an emphasis on the upper affluent and luxury categories. Unique properties can now become a part of the Dusit family without requiring extensive repairs. A redesigned luxury brand called Devarana - Dusit Retreats provides ultra-luxurious experiences with a focus on holistic wellbeing and sustainability. These additions help Dusit achieve its worldwide expansion ambitions and meet changing consumer demands by providing Thai-inspired hospitality in a range of market categories....

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Reliance Retail in discussions for $1.5 billion investment with GIC and Gulf Funds

Author : PNT Bureau

India's Reliance Retail is in discussions with existing investors, including Singapore's sovereign wealth fund GIC, Abu Dhabi Investment Authority ADIA, and Saudi Arabia's PIF, to secure combined investments totalling around $1.5 billion. These talks are part of Reliance Retail's goal to raise $3.5 billion by the end of September. GIC, ADIA, and PIF are considering investments of at least $500 million each, valuing Reliance Retail at $100 billion. The company sold a 10.09 percent stake in 2020 for $76.8 billion, with GIC, ADIA, and PIF among the investors. Reliance Industries, its parent company, may also participate in the fundraising round....

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Mahindra Holidays & Resorts announces INR 1000 crore investment in Uttarakhand

Author : PNT Bureau

Mahindra Holidays & Resorts is embarking on a significant investment in Uttarakhand, signing an MOU with the state government to build 4-5 marquee resorts with a whopping INR 1000 crore investment. This move aims to boost tourism while offering exceptional holiday experiences. It marks the company's largest investment in the region, promising eco-friendly resorts that align with their carbon neutrality vision by 2040. These resorts will set sustainability benchmarks, targeting net-zero energy, water, and waste. The CEO commended the government's support for tourism infrastructure. This initiative in "Devbhoomi" is set to drive prosperity, employment, and sustainable tourism while creating lasting vacation memories....

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Prestige Estates takes a bold step with 11 large-scale malls across India

Author : PNT Bureau

Prestige Estates is gearing up for an extensive mall expansion strategy, with plans for 11 malls totalling a massive 9 million square feet of leasable area. Over the past nine months, three malls have already opened, and several more are under construction. These upcoming malls aim to provide visitors with a comprehensive entertainment and cultural experience. Located in various Indian cities, including Goa, Kochi, Chennai, Hyderabad, Mumbai, and Bengaluru, these malls are strategically positioned to diversify Prestige Estates' real estate portfolio. With a growing trend of malls evolving into dining and entertainment destinations, these larger malls reflect changing dynamics in the retail industry, catering to evolving customer preferences. The malls are designed to offer a diverse range of entertainment and cultural experiences for visitors and customers, including a performing arts ce...

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DLF forecasts 20% surge in retail rental revenue from malls in FY24

Author : PNT Bureau

DLF, a significant player in the Indian real estate market, projects a strong 19–20% increase in retail rental income from its malls in FY24. This prediction is supported by rising mall consumer spending and higher lease rental fees. With growth ambitions, DLF's retail portfolio could expand to 9.5 million square feet (msf) from its existing size of 4.5 msf. In order to take advantage of shifting retail dynamics, the company's strategy focus includes luring premium businesses and gourmet groceries to its malls. The revival of malls, which provide a variety of experiences beyond shopping, is consistent with larger trends in India's retail industry....

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Luxury brand Christian Dior to open Mumbai store at Jio World Centre

Author : PNT Bureau

Christian Dior has leased retail space in Mumbai's Bandra Kurla Complex for 9.5 years, according to a leave and license agreement. The deal, signed between Reliance Industries Limited and Christian Dior Trading India Private Limited, grants Dior 3,317 sq. ft. of space with rent escalation provisions. Christian Dior entered the Indian market in 2006 and has a store in Mumbai. As India becomes a significant destination for international retail, luxury brands like Dior are drawn to the growing spending power of urban consumers and the expanding retail market....

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Mumbai's SOBO Central Mall holds redevelopment potential for lenders

Author : PNT Bureau

Lenders to Bansi Mall Management Co Pvt Ltd, the owner of SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover Rs 571 crore in dues. Canara Bank and Punjab National Bank (PNB) are the primary charge holders. PNB, along with Union Bank of India, also has a secondary charge over the company's assets. While the current valuation of the property is Rs 400 crore, there is potential for redevelopment and sale for over Rs 1,000 crore, offering hope for recovery amidst Future Group's financial struggles. Crisil had previously downgraded BMMCPL's credit rating due to weak liquidity....

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Investor interest in Indian retail sector grows despite stock decline

Author : PNT Bureau

Retail space stock in India's top seven cities experienced a 2% decline, falling from 90.6 million sq ft in June 2022 to 89.2 million sq ft in June 2023, according to property consultancy JLL. While 2.63 million sq ft of mall space was added during this period, around 4 million sq ft of organized shopping malls were either downgraded or closed. Delhi NCR and Mumbai account for more than 50% of the operational mall stock. However, the report predicts a 43% increase in shopping mall stock to reach 127 million sq ft by the end of 2027. The launch of India's first retail REIT, Nexus Select Trust REIT, backed by Blackstone, has attracted retail investors, offering significant potential for REIT-worthy retail assets across cities. Institutional investors are also showing interest, particularly in tier II and tier III cities....

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Hyatt hotels aims to grow its portfolio to 100 properties in India

Author : PNT Bureau

Hyatt Hotels, a prominent player in the hospitality industry, is set for substantial growth in the Indian market. The company plans to expand its current portfolio of 43 properties to a total of 50 by year-end, with a long-term goal of reaching 100 properties in the next five years. In the past year, Hyatt successfully opened nine new hotels and is preparing to add 10 more to achieve its target of 10,000 rooms in India. The expansion includes introducing new brands like Hyatt Centric and Hyatt Place in various locations, focusing on experiential packages to enhance guest experiences, and positioning itself as the preferred choice for travellers in the region....

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Lulu Group expands to Ahmedabad, signalling a growing presence in India

Author : PNT Bureau

Lulu Group, a prominent UAE-based retail conglomerate, is set to construct a massive shopping mall in Ahmedabad, India, as part of its strategic expansion plans. This ambitious project, one of the largest in the region, aims to offer modern amenities and generate significant employment opportunities in the area. In addition to Ahmedabad, Lulu Group is planning another substantial shopping mall in Chennai and is about to inaugurate one in Hyderabad. This move underscores the group's commitment to enhancing India's retail landscape, boosting the local economy, and providing a world-class shopping experience while reaffirming India's appeal for international investment....