Hospitality & Retail

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Reliance Retail acquires Metro AG's Indian subsidiaries marking a strategic shift for both companies

Author : PNT Reporter

Reliance Retail Ventures Ltd (RRVL) has acquired all Indian assets of German food wholesaler Metro AG, including 31 wholesale stores and six properties, for ?0.3 billion (?2,700 crore). The sale, which resulted in an EBITDA gain of ?150 million (?1,345 crore) for Metro AG, aligns with the latter's long-term growth strategy. All stores will retain the Metro brand during the agreed transition period. This significant acquisition bolsters Reliance Retail's footprint in the Indian market....

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Fashion for All: Lifestyle's journey into tier 2 & 3 cities in India

Author : PNT Reporter

The retail megawatt Lifestyle has set its sights on expanding its retail presence to small towns in India within the next few years. Encouraged by the positive response received in cities like Raipur and Guntur, the company will open over 50 stores over next couple of years, with more 20 slated for this financial year itself. Along with a new avatar, the new stores will be smaller in size compared to their metro counterparts and will offer clothing, footwear, and beauty products at affordable prices....

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Runwal acquires GIC's 50% ownership in Mumbai's R City Mall

Author : PNT Bureau

The Runwal Group has acquired GIC's entire 50% ownership in their joint retail development R City Mall for almost Rs 1,000 crore, making it one of the biggest purchases of a single property in the Indian retail sector. The mall is located in Mumbai's Ghatkopar area and features over 300 businesses in fashion, food, beverage, and entertainment industries. The acquisition allows Runwal to fully manage the asset and is expected to benefit from the increasing demand for high-quality retail assets in India....

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Shoppers Stop private labels drive impressive revenue growth

Author : PNT Reporter

Shoppers Stop (SHOP) reports impressive revenue growth, driven by a focus on private labels, beauty, and strategic partnerships. The company has established itself as a one-stop fashion destination in metropolitan cities, offering a diverse range of products and catering to various consumer segments. Under Venu's leadership, Shoppers Stop has increased focus on private label brands and improved department store throughput. As the brand continues to expand its presence and product offerings, it is poised to maintain its reputation as a leading fashion retailer in the country....

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Hyatt acquires luxury hotel guide 'Mr & Mrs Smith' for £53 Million amid booming travel industry

Author : PNT Reporter

Hyatt has acquired luxury hotel guide Mr & Mrs Smith for £53 million as the travel industry experiences a post-pandemic boom. Founded by Tamara and James Lohan, the platform features 1,500 boutique hotels and locations with anonymous reviews from experts and celebrities. The acquisition comes as luxury travel operators enjoy record sales due to pent-up demand and savings accumulated during lockdowns. More than 120 Mr & Mrs Smith staff will join Hyatt's commercial services team, with Tamara Lohan remaining as chief executive, while her husband continues as chief creative officer....

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IHCL posts historic profit of Rs 1000 crore in fiscal year 2023

Author : PNT Reporter

Indian Hotels Company Limited (IHCL), which is supported by the Tata Group, reported a historic annual profit amounting to Rs 1,053 crore in the financial year 2023, compared to a loss of Rs 265 crore in the previous year, due to effective asset management, demand surpassing supply, robust portfolio growth, among other factors. IHCL saw a 90 percent increase in revenue from operations, totalling to Rs 5,810 crore in the same period....

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Rajesh LifeSpaces' hotel business fiercely contested by three bidders

Author : PNT Bureau

After 13 rounds of intensive bidding, the three-winning bidders of the now-defunct Rajesh LifeSpaces hotel property in Mumbai bidders are the hospitality and restaurant conglomerate Sankalp Recreation from Ahmedabad, Shri Ram Multicom from Kolkata and Rare Asset Reconstruction Co. The valuer chosen by the banks will now assess the three bidders' varied strategies. Lenders will put the best plan up for voting based on the net present value in accordance with the valuer's report....

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Park Hotels plans to float Rs 1,500 crore-IPO in September 2023

Author : PNT Bureau

Apeejay Surrendra Park Hotels Ltd (ASPHL) is a hotel company that operates under two brands: The Park and Zone by The Park. The company is set to revive its fundraising activities with a decision to go public with an initial public offering (IPO) of Rs 1500 crore by September of this year. Axis Bank, JM Financial, and ICICI Securities are the lead managers for the IPO. ASPHL is expected to be valued at Rs 5000 crore, and about 30% of the company's stake will be offered in the IPO, which will be a mix of primary and secondary sale of equity....

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Unity Group and Parsvnath Developers to build a mall in Delhi

Author : PNT Bureau

In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year....

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ITC Hotels Group attains Net Zero carbon status

Author : PNT Bureau

The United States Green Building Council (USGBC) has awarded 10 properties belonging to the ITC Hotels Group with the coveted “LEED Zero Carbon Certification”. This certification is awarded to building that operate with net zero carbon emissions annually. An entity’s carbon balance should be either ‘0’ or -ve. (Carbon Balance = Total Carbon Emitted - Total Carbon Avoided). According to the board, the ITC Hotels is the world’s largest chain with the maximum number of LEED Platinum-certified properties....