Marriott Executive Apartments Kuwait City: A new luxury serviced apartment destination in Kuwait
Author : PNT Reporter
Marriott Executive Apartments Kuwait City, owned by Assima Real Estate Company, has recently opened in Kuwait. The property features 164 residential apartments, including studios, one-bedroom, two-bedroom, and three-bedroom units. Conveniently located near the airport and Kuwait Towers, the apartments offer stunning views of the city skyline and coastline. Amenities include a fitness center, sauna, spa bath, and indoor swimming pool. The property aims to cater to the growing demand for extended stay accommodations in Kuwait, combining exceptional comforts and elevated services associated with the Marriott brand....
Uttar Pradesh Government takes steps to regulate homestays and room stays
Author : PNT Reporter
The Chief Minister of Uttar Pradesh, Mr. Yogi Adityanath, has received a proposal outlining the new Supplementary Accommodation Control Rules of 2023. These rules aim to regulate illegal rooms and homestays in the city by requiring registration and monitoring of all stay rooms and homestays. The rules will help prevent property misuse and illegal activities, ensuring guest security and promoting the concept of supplementary accommodations in the tourism industry. Properties found to be misused or involved in illegal activities may face seizure or demolition....
Oberoi Realty in talks with Marriott International and Hyatt for Luxury Hotel Project in Thane
Author : PNT Reporter
Mumbai-based property developer Oberoi Realty is in discussions with Marriott International and Hyatt to manage and operate a 5-star luxury hotel in Thane, Mumbai. The hotel will be part of a larger township project spread across 75 acres of premium land, which will also include residential buildings, office spaces, retail units, and an international school. Oberoi Realty, known for its successful collaborations in the hospitality sector, aims to invest approximately Rs. 10,000 crores in developing the project in phases....
Canadian entrepreneur plans $5 billion 'MOON' project in Dubai
Author : PNT Reporter
Canadian entrepreneur Michael Henderson envisions constructing a replica of the moon on a building in Dubai, known for its impressive architectural wonders. The ambitious project, called MOON, aims to create a destination resort with a 4,000-room hotel, a 10,000-capacity arena, and a simulated lunar colony experience. The project may also include a casino, despite gambling being illegal in the UAE. Dubai's real estate market has shown resilience and growth, and there are ongoing efforts to revive and develop significant projects such as Palm Jebel Ali and Dubai Island....
Titan Company expands footprint with Rs. 100 crore commercial space acquisition in Mumbai
Author : PNT Reporter
Titan Company, a subsidiary of the Tata Group, has invested Rs. 100 crores to acquire commercial space in Mumbai's Borivali area. The company purchased three floors in the Vini Elegance building, currently housing a Tanishq jewellery store. With a total area of 16,280 square feet and exclusive access to 18 parking spaces, this acquisition strengthens Titan Company's presence in the region. Additionally, the company reported impressive financial performance, including a substantial increase in net profit and revenue for the quarter ending in March. Furthermore, Titan Company expanded its retail network, adding numerous stores in both domestic and international markets....
Bollywood star Salman Khan to develop 19-story hotel in Mumbai's Bandra
Author : PNT Bureau
The family of Bollywood superstar Salman Khan has plans to construct a 19-floor hotel on a prime sea-facing plot in Mumbai's Bandra. Originally intending to develop the property into a residential building, the family changed course to erect a hotel. The plan features several amenities including a café, restaurant, gymnasium, swimming pool, and convention centre, providing a new luxury accommodation option in Mumbai's thriving real estate market....
Reliance Industries acquires the Mandarin Oriental Hotel in New York
Author : PNT Reporter
Reliance Industries, led by billionaire Mukesh Ambani, has made a significant entry into the real estate and hospitality market in New York City by acquiring the Mandarin Oriental hotel for $98.15 million. The luxury hotel, located near Central Park, is renowned for its high-end accommodations and attracts Hollywood celebrities and billionaires. This acquisition expands Reliance Industries' presence in the hospitality industry and adds to their portfolio of investments in the sector....
The National Company Law Tribunal (NCLT) has commenced insolvency proceedings against Tulip Hotels following the hotel chain's alleged default on loan guarantees worth INR 900 crores. The claim, first initiated by Yes Bank and later assigned to JC Flowers, involves Tulip Hotels' guarantees for loans disbursed to Cox and Kings and Ezeego One Travel & Tours. Contrarily, Tulip Hotels denies any financial ties to these companies, accusing the lender of document fabrication. The case marks a significant development in the Indian hospitality industry and sets the stage for intriguing legal battles ahead....
Positive outlook for Indian hospitality: Investments exceeding $2.3 billion expected
Author : PNT Reporter
The Indian hospitality sector is set to attract investments exceeding $2.3 billion in the next two to five years, driven by factors such as a successful vaccination program, border reopening, lifted travel restrictions, and consistent economic growth. A report by CBRE South Asia predicts the addition of 12,000 hotel rooms in 2023 and a compound annual growth rate (CAGR) of 3.3% by 2025. Demand is expected to outpace supply, leading to positive performance indicators like occupancy rates and revenue per available room (RevPAR). International hotel chains and private equity funds have shown significant interest in investing in India's growing hospitality industry....
Chalet Hotels and IHCL announce partnership for new luxury Taj Hotel at Delhi Airport
Author : PNT Bureau
Chalet Airport Hotel, a subsidiary of Chalet Hotels, has partnered with Indian Hotels Company (IHCL) to open a luxurious Taj-branded hotel at New Delhi's Indira Gandhi International Airport. The upcoming hotel, located near terminals 3 and 2, will feature 400 rooms, dining facilities, and conference spaces. The franchise agreement aligns with IHCL's expansion strategy, while Chalet Hotels reported strong financial results, including a significant increase in revenue and profits. The Taj brand will now have a presence in Delhi, Mumbai, and Bengaluru airports....
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