The National Company Law Tribunal (NCLT) rejects Express Group's revival plan for Neesa Leisure
The NCLT rejects Express Group's revival plan for Neesa Leisure Ltd, dismissing the proposal due to flaws in transparency and fairness. Despite creditor approval, the plan favored secured over unsecured creditors, overlooking claims on disputed assets. Now, creditors must regroup to devise a revised strategy. The decision reflects broader trends in the hospitality sector, where strategic buyers and investors are eyeing distressed assets. With over 7,000 companies undergoing resolution, including 146 from hospitality, the sector faces challenges and opportunities for restructuring amidst economic uncertainties....
Accor intends to launch a hotel weekly in Asia throughout the year
Accor, a French hospitality giant operating brands like Ibis and Pullman, aims to open a hotel weekly in Asia this year due to rising demand. The company, focusing on core brands like Novotel, Pullman, and Ibis, plans significant expansion, including notable signings like the Fairmont Agra and Novotel Bengaluru Airport. With India's aviation sector booming, Accor remains optimistic despite high room rates. Accor, encouraged by hospitality growth, particularly in emerging markets like India and Indonesia, observes increased developer interest in hotel construction. Last year, it signed 65 hotels in Asia, with plans for further expansion, reflecting the region's promising hospitality industry outlook....
Italian Luxury Shoemaker Santoni to set up boutiques in Mumbai and Hyderabad by 2026
Santoni, the renowned Italian bespoke shoe company, is set to expand its presence in India with two new luxury boutiques planned for Mumbai and Hyderabad by 2026. Spearheaded by Luxerati Retail Pvt. Ltd, Santoni's partner in India, this expansion initiative involves an investment of approximately 15 crore. With a growing luxury market in India, Santoni's strategic move reflects confidence in the country's potential and aligns with the increasing demand for high-end footwear....
7-Eleven targets expansive growth after hitting 50 stores in India
7-Eleven achieves a significant milestone with 50 stores in India and ambitious plans for further expansion into diverse urban centres, aiming to double its store count within the next couple of years. The recent inauguration of its 50th store in Pune signifies a pivotal moment in 7-Eleven India's journey. With a diverse array of products appealing to India's youthful demographic, including daily essentials and fresh food items, 7-Eleven aims to become the preferred convenience destination. Despite local competition, the modern convenience store format is gaining traction in India. Originating in Dallas in 1927, 7-Eleven entered the Indian market in 2019 and continues its expansion through strategic partnerships. This expansion reflects 7-Eleven's commitment to providing unparalleled convenience and value to consumers while contributing to the evolving landscape of convenience retail in ...
Indian hospitality giants eye Russian luxury hotel market amid international brand withdrawals
Following the withdrawal of international hospitality brands from Russia due to the Ukrainian conflict, top luxury hotels in the country are seeking partnerships with leading Indian hospitality firms. Russian officials have approached Indian Hotels Co. Ltd (IHCL) and East India Hotels (EIH) to operate these properties, which were once managed by renowned international brands like Ritz Carlton and Four Seasons. With Western chains leaving Russia, there's a void in management expertise, prompting the need for new operators. Lemon Tree Hotels and Sarovar Hotels & Resorts have shown interest, while Moscow continues to promote tourism to Indian travelers. This collaboration presents an opportunity for Indian companies to expand into the Russian hospitality market, offering mutual benefits for both parties....
IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store....
Luxury amidst nature: Brigade Group's 250-room resort in Chennai's ECR
Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets....
Popeyes opens first store in New Delhi, eyes nationwide expansion
Jubilant FoodWorks Limited (JFL) introduces Popeyes to New Delhi's Chandni Chowk, marking its expansion into the national capital region after its initial entry into India in 2022. With plans to open stores in other key locations, including Jasola, Faridabad, and Gurugram, Popeyes aims to leverage its own delivery fleet and partnerships with food aggregator apps. JFL targets INR 1,000 crore in sales from Popeyes, capitalising on India's significant non-vegetarian market. The move reflects JFL's strategic expansion efforts and highlights the growing demand for fried chicken in India's quick service restaurant (QSR) sector....
2023 showcases a remarkable growth of India’s entertainment sector in retail leasing
In 2023, India's entertainment sector saw a staggering 179% year-on-year surge in retail space leasing, doubling its uptake to 660,000 square feet. This trend, encompassing movie theatres, gaming arcades, and play areas, reflects a shift in consumer behaviour towards shared experiences and leisure activities. CBRE data reveals the entertainment segment's share of overall retail leasing increased from 5% to 9%, with Bengaluru leading the charge at 330,000 square feet, followed by Chennai and Delhi-NCR. Other cities also contributed significantly, marking substantial growth compared to 2022 figures. This surge underscores the rising importance of entertainment experiences in retail spaces, driven by technological advancements and evolving consumer preferences....
Oberoi Realty partners with Marriott International to open hotels in Borivali and Thane
Oberoi Realty teams up with Marriott International to redefine luxury living in Mumbai, unveiling plans for two prestigious properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali. Expected by 2027-2028, these projects promise unparalleled urban experiences. Chairman Vikas Oberoi underscores the integrated developments' grandeur, showcasing Oberoi Garden City and Sky City as prime locations. Leveraging Thane's allure and Borivali's vibrancy, Oberoi Realty emphasizes lifestyle enhancement through luxury residences, expansive malls, and seamless connectivity. This partnership cements Oberoi Realty's commitment to pioneering upscale urban communities, blending opulence with community well-being and sustainability, reshaping Mumbai's real estate landscape....
India's hospitality industry set for strong revenue growth in 2024-25
India's hospitality sector is poised for substantial growth, with Crisil Ratings projecting an 11-13% revenue increase in 2024-25, buoyed by robust recovery post-Covid-19. Domestic demand and rising overseas visitors are expected to drive growth to 15-17% this fiscal year. Strong operating performance and minimal capital spending will bolster profitability and credit profiles. Domestic travel demand, supported by economic activity, will sustain industry development, albeit at a slower pace due to a high base effect. While foreign tourist numbers remain below pre-pandemic levels, their gradual increase will boost hotel demand, especially in the MICE category. Favourable supply dynamics will further fuel industry resilience, with brands favouring management contracts to minimize upfront capital costs amidst sector challenges....
OYO expands presence in sports hospitality, designates 100 hotels across 12 cities
OYO properties & Homes is branching out into the sports hospitality market, choosing 100 properties in 12 locations, including Bangalore, Chennai, and Delhi. The change is intended to accommodate major sporting events by offering players, referees, and spectators end-to-end solutions. OYO provides a variety of lodging alternatives, customised packages, and group booking choices with an emphasis on quality and creativity. The company also intends to offer transportation, catering, and round-the-clock support via control rooms at event locations. This strategic growth, which demonstrates OYO's dedication to seamless and inclusive hospitality, comes after successful participation in significant sporting events in 2023....
Iconic Udhayam Theatre in Chennai to make way for a residential complex
Udhayam theatre, a historic cinema hall in Chennai, is scheduled for demolition to pave way for a residential complex on its 1.31-acre property in Ashok Nagar, Chennai. Established in 1983 as one of the city's initial multiplexes, the theatre complex, housing Udhayam, Mini Udhayam, Suriyan, and Chandran theatres, will be replaced by a residential development. The decision to replace the iconic structure with a residential complex comes in light of low profitability and financial constraints. The closure has stirred nostalgia among cinema enthusiasts, reflecting a broader trend of traditional theatres facing challenges and closures amid the growing popularity of online streaming platforms....
Prestige Group sets sights on retail expansion, plans 9 million sq ft of retail space
Bengaluru-based Prestige Group plans to develop 9 million sq ft of retail space across Mumbai and Delhi-NCR, expanding its mall business. In 2021, they sold 4.4 million sq ft of retail space valued at Rs 9,000 crore. Rebranding their malls aims to attract international brands and enhance customer experiences. Ali emphasised the rarity of malls generating Rs 100 crore monthly revenue, highlighting their Forum mall's success. Upcoming malls will feature destination retail, live music, cinemas, and technology-enabled experiences. With strong retail portfolio growth, including 102% YoY sales increase in Q2FY24, Prestige Group aims to join India's elite mall league....
Phoenix Mills reports strong Q3 FY24 results with 69 percent rise in net profit
Phoenix Mills, a retail-led mixed-use asset developer, reported a 69% year-on-year rise in Q3 FY24. Consolidated net profit rose to INR 297 crore, with operating profit reaching INR 552 crore. Retail collections surged 30% to INR 700 crore, and rental income from retail grew 33% to INR 447 crore. The malls owned by the developers are operating at lifetime high lease occupancy and trading levels. The company also recorded robust leasing in commercial offices and maintains strong Average Room Rates (ARR) in hotels. Consolidated net debt stands at INR 2,230 crores. Residential sales show improvement, with gross sales of INR 515 crores in the first nine months of FY24....
The Park Hotels IPO makes stellar debut, stock surges over 31% on listing day
Apeejay Surrendra Park Hotels, popularly known as 'The Park' Hotels, recently filed for an Initial Public Offering (IPO) amounting to a staggering INR 920 crores. The IPO comprised INR 600 crores in fresh shares and an Offer for Sale (OFS) of INR 300 crores, with a significant portion allocated to repay borrowings, bolstering the company's financial standing. The IPO, open from February 5th to February 7th, witnessed exceptional demand, with oversubscriptions of 75.14 times from Qualified Institutional Buyers (QIBs), 52.41 times from Non-Institutional Investors (NIIs), and 30.35 times from retail investors. The gray market indicated a premium of 20-25%, and upon listing on February 12th, the stock soared by over 31%, affirming investor confidence and signaling a bright future for Apeejay Surrendra Park Hotels in the luxury hospitality sector....
DB Realty's demerger plan for hospitality business receives board approval
D B Realty's board greenlights the demerger of its hospitality arm, aiming to boost shareholder value. By segregating hotel assets, the Mumbai-based firm seeks to attract specialized investors and talent, fostering expansion. The move, detailed in regulatory filings, tailors strategies to India's hospitality sector dynamics, enhancing operational focus and agility. The resulting entity targets superior returns and governance transparency, with equity shares to be listed post-demerger. Amidst a promising growth landscape in India's hospitality sector, D B Realty's proactive portfolio optimization aligns with its vision and growth objectives, prioritizing stakeholder interests throughout the process....
GMR and IHCL announces 300-room Ginger Hotel at Manohar International Airport
IHCL, in collaboration with GMR Goa International Airport Limited, is set to unveil a 300-room Ginger hotel at Manohar International Airport, Goa, under a 60-year sub-license agreement. Scheduled for launch in 2027, this initiative aligns with IHCL's strategic plan to expand its presence in key transit hubs. The upcoming hotel, under IHCL's third large-format 'Ginger' property at an international airport, aims to meet the escalating demand from travelers while enhancing Goa's appeal as a premier tourist destination....
Eros Cinema revamped into a 305-seater IMAX Theatre
After seven years, the iconic Eros Cinema in Mumbai has reopened as a cutting-edge 305-seater IMAX theatre. The cinema, which was originally commissioned in 1935 and created by architect Sohrabji Bhedwar, was meticulously restored under the supervision of conservation architect Kirtida Unwalla. The renovated cinema preserves its famous Art Deco facade and interior aesthetics while combining old-world charm with modern facilities. PVR Inox will manage the facility. The reopening symbolises an important cultural comeback for Mumbai by providing moviegoers with a one-of-a-kind film experience in a beloved architectural jewel....
Lemon Tree Hotels to expand with 30 new properties in India and abroad
Lemon Tree Hotels, led by Chairman and MD Patanjali Keswani, plans to open 30 new properties in India and abroad, adding over 2,000 rooms. The expansion includes a resort in Bhutan and 3 to 4 hotels in Nepal. Last year, they launched 14 hotels, including India's largest. With a focus on tier-1 to tier-3 cities and leisure destinations, they aim to expand their Aurika Hotels & Resorts brand. With strong financial performance, revenue of INR 289 crore and a profit of INR 44 crore, Lemon Tree eyes further growth through conversions, targeting 10,000 rooms....
IHCL surpasses growth targets, on track to set up 300 hotels by 2026
The Indian Hotels Company Limited (IHCL) is poised to exceed its target of 300 hotels in its portfolio ahead of schedule, with plans to achieve this milestone within the next three to four months. Bolstered by a robust financial performance for the quarter ending December 31, 2023, IHCL reported an 18% increase in operating revenue and profit after taxes, attributed to effective asset management and business model innovation. With 85 hotels in development and strong cash reserves, IHCL anticipates sustained growth, particularly in domestic tourism, with a strategic focus on spiritual destinations. Market response to IHCL's Q3FY24 results has been overwhelmingly positive, reflected in a surge in stock price and optimistic outlook for double-digit revenue growth in FY25, underpinned by portfolio expansion and management contracts....
Nexus Select Trust to acquire Hyderabad malls for INR 1,000 crore
Nexus Select Trust, Blackstone's retail division, is set to acquire a portfolio of three malls spanning 1 million sq ft in Hyderabad from L&T Metro for an estimated value exceeding INR 1,000 crore. The potential deal includes E Galleria, L&T Metro Mall, and Next Galleria Mall. This move follows Nexus Select Trust's strategic expansion in India, having added the Select City Walk mall in New Delhi last year. The retail sector's robust performance in India, marked by a 47% YoY increase in leasing in 2023, aligns with Nexus Select Trust's growth strategy....
The National Company Law Tribunal's Kolkata bench has approved a resolution plan of INR 301 crore, which will allow Shri Ram Multicom to purchase Sarga Hotels. The resolution plan was approved with assistance from main creditors, JC Flowers Asset Reconstruction Company and Rare ARC, despite claims from creditors totaling INR 816 crore. Sarga Hotels, a division of Shristi Infrastructure Development Corporation, had to navigate legal obstacles twice before facing insolvency. For JC Flowers ARC and Rare ARC, the recovery is at 39%. This case emphasizes how complex the creditor relationships, court rulings, and bankruptcy procedures are within the IBC framework....
ITC Hotels to launch its first international luxury hotel in Sri Lanka
ITC Hotels, a leading luxury hotel chain in India, is set to launch its first international luxury hotel in Colombo, Sri Lanka, under the subsidiary WelcomHotels Lanka. The property, named ITC Ratnadipa, represents an investment of approximately Rs 3,000 crores and is expected to have 352 rooms. The company plans to inaugurate the hotel within the next two months. Zubin Songadwala, Vice President of Operations (South & East) at ITC Hotels, highlighted the robust pipeline of projects in different geographical locations within India, with the goal of opening 25 hotels in the next two years and reaching a total of 200 hotels over the next five years....
Mahindra Holidays to invest Rs 800 crore in 3 greenfield resorts in Tamil Nadu
Mahindra Holidays & Resorts India Ltd (MHRIL) is set to invest Rs 800 crore in building three greenfield resorts in Tamil Nadu over the next five to six years, doubling its presence in the state. The resorts aim for net-zero energy, water, and waste, showcasing their commitment to sustainability. This strategic expansion aligns with MHRIL's vision to achieve 10,000 room inventory by 2030 and carbon neutrality by 2040. The project is expected to generate around 1,500 job opportunities, emphasising both economic growth and environmental responsibility....
Oyo to expand presence in spiritual hubs with 400 new properties
Oyo, the budget hospitality chain, is set to introduce 400 new hotels in prominent spiritual hubs across India, capitalizing on the increasing interest in spiritual tourism and a surge in domestic travel. The properties will be located in destinations like Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route, aiming to be operational by the end of December. Oyo attributes this expansion to a 350% increase in searches for Ayodhya properties, driven by the opening of the Ram temple. The company plans to strategically position these properties near significant landmarks to facilitate convenient access to religious sites and tourist spots. Oyo has partnered with local authorities to address the rising demand for accommodation in Ayodhya....
35 major retail brands expand to tier-II cities in India between Jan-Sep 2023
From January to September 2023, 35 major retail brands expanded into 14 Tier-II cities, according to a report by CBRE South Asia Pvt. Ltd. Cities such as Chandigarh, Jaipur, Indore, Goa, attracted brands like Croma, Armani Exchange, Malabar Gold & Diamonds, H&M, Marks & Spencer, and Starbucks. The total retail stock in these cities reached 29 million sq. ft. Retail development included a mix of high streets and malls, totalling 2.4 million sq. ft. Key contributors were Chandigarh, Jaipur, and Lucknow. Chandigarh evolved into a prominent retail market, attracting brands like Zara and Uniqlo, while Jaipur experienced growth in Malviya Nagar and M.I. Road. Lucknow's retail market saw robust growth in Gomti Nagar and Hazratganj. Indore, a commercial hub, witnessed growth in AB Road and Central Indore, and Goa, known for tourism, attracted brands like Levi's and Puma, with upcomin...
Juniper Hotels sets sights on upscale luxury developments in major metros ahead of IPO
Juniper Hotels, set for a late January or early February IPO, is strategically shifting towards developing large-scale luxury hotels in key metros like Delhi, Mumbai, and Bengaluru, departing from the mid-market segment. The CMD, Arun K. Saraf, anticipates robust growth in the luxury category due to a limited projected increase in supply over the next five years. The company aims to leverage its strong partnership with Hyatt and maintain brand agnosticism. The IPO, contributing Rs 1,800 crore, seeks to deleverage and fuel future expansion while maintaining ownership structures....
Dmart acquires Delhi retail space for Rs 108 crore from Migsun Group
Realty firm Migsun Group has successfully sold 47,000 square feet of retail space in its commercial project in Delhi's sector 22, Rohini, to Dmart for a significant Rs 108 crore. The strategic acquisition involves lower ground and first floors, now designated for a hypermarket store by Dmart. Migsun Group, known for its extensive real estate portfolio, sees this as an exceptional investment opportunity, given the prime location's proximity to Rohini West metro station and a substantial catchment area of high-spending families. Dmart's move aligns with its retail expansion strategy in the thriving Delhi commercial landscape....
ITC's Fortune Hotels aims for robust growth in fiscal year 2024 with 10 new properties
Fortune Hotels, a mid-segment chain under ITC Hotels, is poised for significant expansion in the fiscal year 2024. Samir MC, the Managing Director, outlined plans to add 10 new properties and sign agreements for another 10, capitalizing on the company's successful performance in the current fiscal year. With a focus on tier-2 markets and the leisure segment, Fortune Hotels aims for a balanced 50:50 mix between business and leisure hotels. Samir highlighted the recent acceleration in growth, signing contracts for around 20 hotels in the last two years and opening 13 during that period, signalling a proactive approach to capitalize on emerging opportunities....
Airbnb and Uttarakhand Tourism Board join forces to boost responsible tourism
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
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....
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
