Hospitality & Retail

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Reliance Industries invests INR 14,839 crore in retail arm

Author : PNT Bureau

Reliance Industries injected INR 14,839 crore into Reliance Retail as debt during the last fiscal year, marking the largest capital infusion from the parent company in a decade. This funding supports the retail giant's expansion into smaller towns and new store formats, with a total investment of INR 19,170 crore in FY24. Reliance Retail also accelerated loan repayments, cutting non-current bank borrowings by 30% to INR 13,382 crore, signaling a cleanup of its balance sheet. Despite increased debt, the company continues to strengthen its retail presence, potentially paving the way for an IPO....

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Madison platform to invest USD 200 million in 25 mid-market luxury hotels across India

Author : PNT Bureau

Hyderabad-based JV Ventures and Terminus Group have launched Madison, a USD 200 million platform to develop 25 mid-market luxury hotels across Indian cities, including Thiruvananthapuram, Visakhapatnam, Tirupati, and Hyderabad. Over the next five years, Madison will create over 3,000 rooms, with a focus on reducing seasonal risks in the hospitality sector. The initiative aligns with the growing Indian hospitality market, which saw a 19% increase in first-time hotel investments in 2023 and an 11.4% rise in RevPAR in Q1 2024, indicating strong future growth....

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Atmosphere Living India to invest INR 500 crore in luxury real estate and hospitality across South Asia

Author : PNT Bureau

Atmosphere Living India, a subsidiary of Atmosphere Living Dubai, is set to invest around INR 500 crore in the luxury real estate markets across India as part of their expansion plans in South Asia. The parent company will fund key projects in locations like Goa, Lonavala, Himachal Pradesh, Jaipur, and Mysore. Each project will offer a seamless combination of real estate and hospitality, providing an unparalleled living experience. Simultaneously, Atmosphere Core, the hospitality arm of the group, will be opening new hotels in Kolkata, Coorg, and Bhopal. The flagship Ozen-branded residences in Mussoorie will be its first project in this expansion plan and it is set to create new benchmarks in ultra-luxury living....

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Lucknow leads tier 2 cities with 5.7 million sq. ft GLA in retail space

Author : PNT Bureau

Lucknow, Uttar Pradesh, tops Tier 2 cities in India with a substantial 5.7 million square feet of gross leasable area (GLA) for shopping centres, surpassing Kolkata and Ahmedabad. Knight Frank India's survey reveals Lucknow's 5% share of the national retail stock and an 18.4% share of Tier 2 cities' GLA. With a density of 1,439 square feet per thousand people and over 580 retail stores, the city blends local and international brands, driven by growing demand and improved infrastructure. Abhishek Sharma from Knight Frank emphasizes Lucknow's role as a retail hub, aligning with India's expanding Tier 2 city market....

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K Hospitality Corp to raise INR 2,500-3,000 crore via IPO, targeting INR 10,000 crore valuation

Author : PNT Bureau

K Hospitality Corp, a player in India's food services industry, plans to raise INR 2,500-3,000 crore through an IPO early next year, targeting a valuation between INR 8,000 and INR 10,000 crore. The company, known for brands like Copper Chimney and The Irish House, aims to use the funds for expansion, debt reduction, and market visibility. Partnering with Kotak Mahindra Capital and ICICI Securities, K Hospitality's IPO reflects confidence in its growth potential amidst rising consumer demand in the hospitality sector....

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The New Shop in advanced talks to acquire 24Seven retail chain from Godfrey Phillips

Author : PNT Bureau

New Delhi-based grocery startup The New Shop is in advanced talks to acquire the 24Seven retail chain from Godfrey Phillips India for a strategic rebranding and expansion. The acquisition follows a court verdict allowing Godfrey Phillips to exit its unprofitable retail segment. Established in 2019, The New Shop operates 160 stores across 35 cities with a 24-hour model. 24Seven, which once boasted 130 outlets, has struggled with performance issues, reporting INR 403 crore in FY24 revenue. If finalized, the deal will integrate 24Seven's locations into The New Shop's omnichannel network, enhancing their market presence....

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Rohit Sharma joins forces with True Elements to launch health-focused brand RS

Author : PNT Bureau

Indian cricket captain Rohit Sharma is entering the food industry by partnering with True Elements to launch "RS by True Elements," a new brand offering healthy breakfast options and snacks. As the brand ambassador, Sharma will play a vital role in product development and marketing, with RISE Worldwide managing the collaboration. True Elements, known for its commitment to transparency and healthy foods, aims to provide nutritious, easy-to-understand products. Co-Founder and CEO Puru Gupta emphasized that this is the first time a cricketer has licensed a health food brand in India. The RS line will be available by August 2024, with a marketing campaign to follow. This partnership highlights the growing trend toward health-conscious eating in India....

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SAMHI Hotels reports INR 2,568 million revenue for Q1 FY24; 13% RevPAR growth

Author : PNT Bureau

SAMHI Hotels Limited has announced its financial results for Q1 FY24, with revenue reaching INR 2,568 million and EBITDA at INR 934 million. The company reported a 13% year-on-year increase in Revenue per Available Room (RevPAR), reflecting a robust recovery in the hospitality sector. The successful integration of ACIC Hotels has boosted profit margins by 520 basis points. SAMHI is focusing on financial stability and expansion, with plans to open new hotels and rebrand existing ones. The growth strategy aims to capitalize on rising travel demand and enhance market presence in India's expanding hospitality industry....

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PVR INOX seeks INR 4.5 crore in arbitration over sealed multiplex at Ansal Plaza

Author : PNT Bureau

The Delhi High Court intervenes in a dispute between PVR INOX and Ansal Plaza Mall, Greater Noida, following the sealing of PVR INOX's multiplex due to unpaid dues by the mall's lessor. PVR INOX claims significant losses from the closure on July 23, 2022, and seeks INR 4.5 crore, covering its security deposit and lost revenue. Justice C. Hari Shankar appointed an arbitrator to resolve the issue, underscoring the court's role in commercial dispute resolution and the broader implications for lease agreements in India's retail and entertainment sectors....

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Dubai based Atmosphere Living to invest INR 550 crore in Mussoorie villas and hotel project

Author : PNT Bureau

Atmosphere Living, based in Dubai, has committed INR 550 crore to develop villas and a hotel in Mussoorie and plans further projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with international expansion goals. CEO Sandeep Ahuja highlighted that INR 150 crore has already been invested in the 11.5-acre Mussoorie project, featuring a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences. The company, part of Atmosphere Core, offers an option for investors to lease homes back for rental income. Atmosphere Living aims to redefine the second home market with high-end, well-managed properties across South Asia....