Hospitality & Retail

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Lemon Tree Hotels to rennovate Aurika Mumbai to enhance customer experience

Author : PNT Bureau

Lemon Tree Hotels is giving Aurika Mumbai a significant makeover, aiming to enhance its appeal and attract more guests. Renovations include updating rooms with new furniture, better lighting, and comfortable beds to ensure a pleasant stay. Common areas such as the lobby, restaurants, and event spaces will be redesigned for a more inviting experience. Aurika Mumbai Sky City offers modern conveniences and luxurious amenities, making it ideal for business or leisure. The hotel emphasizes fine dining and eco-friendly practices, like recycling and energy-efficient lighting. This investment reflects Lemon Tree Hotels' commitment to excellence, positioning Aurika Mumbai as a top destination in the city and boosting its reputation in the competitive hotel industry....

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ITC Ltd. to demerge hotel business, creating ITC Hotels for independent growth

Author : PNT Bureau

ITC Ltd. is set to demerge its hotel business, creating a new entity, ITC Hotels, poised for independent growth and financial stability. The move reflects ITC's strategic focus on core competencies and shareholder value, supported by a debt-free balance sheet. Despite economic challenges, ITC maintained financial discipline, emphasizing resilience and proactive management. The demerger, approved by 99.59% of shareholders and endorsed by the board in August 2023, will see ITC Hotels go public after regulatory approvals. This reorganization aims to reduce non-core risks and drive long-term profitability. ITC's focus on operational excellence and market opportunities positions both entities for continued success...

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Retail space to expand by around 45 million square feet in next 5 years

Author : PNT Bureau

A recent JLL report forecasts a 45 million sq. ft. surge in organized retail space across Mumbai, Delhi NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai by 2028. This transformative shift to experience-centric retail caters to today's consumer looking for more than just shopping. Expect mega malls exceeding 1 million sq. ft. and two monumental projects surpassing 2.5 million sq. ft. in Delhi NCR. Driven by global influences and investor interest, these developments promise a diverse mix of stores, entertainment zones, and dining experiences. With lease-based models allowing curated offerings, a new era of retail awaits, offering a dynamic and immersive shopping journey....

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Oyo Hotels & Homes achieves first full year of profitability with INR 799.6 crore profit and INR 1,000 crore cash balance

Author : PNT Bureau

Oravel Stays, the parent company of Oyo Hotels & Homes, reported a significant milestone: its first full year of profitability in the 2023-24 financial year with a profit of INR 799.6 crore (USD 12 million). This success follows eight consecutive quarters of positive EBITDA, totaling INR 2,100 crore. Oyo also maintained a cash balance of INR 1,000 crore and saw improvements in gross margins and operating costs. Founder Ritesh Agarwal is optimistic about future growth in India and international markets. Despite challenges like withdrawing its IPO papers, Oyo added over 5,000 hotels and 6,000 homes globally, reflecting a robust turnaround strategy....

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Hilton to expand its presence in India with the introduction of Curio Collection and Waldorf Astoria brands

Author : PNT Bureau

Hilton, a global hospitality leader with over 6,800 hotels, plans to triple its presence in India within 5-7 years. Currently operating 24 hotels across five brands, Hilton aims to expand to 75-100 hotels in top Indian markets. The strategy includes introducing the Curio Collection and Waldorf Astoria brands. A strong focus on food and beverage (F&B) aims to boost F&B revenue from 35% to 45%, targeting the INR 5 trillion wedding and conference market. Expansion into tier-2 and tier-3 cities is also planned, leveraging rising disposable incomes. This ambitious growth requires significant investment, emphasizing Hilton's confidence in India's hospitality sector....

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Aparna Constructions invests INR 284 crore in Hyderabad's retail and entertainment sector

Author : PNT Bureau

Aparna Constructions and Estates has ventured into the retail and entertainment sectors, investing INR 284 crore in Hyderabad. The company has allocated INR 252 crore to develop Aparna Neo Mall and INR 32 crore for Aparna Cinemas. The mall, located in Nallagandla, spans 3.67 acres and is set to open on May 31, 2024. Director Rakesh Reddy announced plans for four more malls featuring Aparna Cinemas across Telangana and Andhra Pradesh by 2027. Aparna's residential and commercial portfolios are also experiencing annual growth of 20% and 10%, respectively....

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Radisson plans massive expansion in India with focus on religious destinations and tier two cities

Author : PNT Bureau

Radisson Hotel Group, the second-largest international hotel chain in India, the country this year, driven by the growing demand for travel and accommodation. The chain aims to have a hotel within a two-hour driving distance in India, with a focus on expanding its presence in religious destinations. The company has already opened hotels in Ayodhya and Srinagar, achieving high occupancy and daily rates. Radisson is also planning to open new hotels in tier two, three, and four cities, believing that India's growth potential extends beyond just the metros. The company is committed to hiring 3,000 new employees this year and supporting the reverse migration of team members to their hometowns....

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Lulu Group expands its presence India with new ventures in Amritsar and Noida

Author : PNT Bureau

Lulu Group International, a prominent retail conglomerate based in Abu Dhabi, is making significant investments in India. The group has partnered with the Punjab government to establish a logistics and food-processing centre in Amritsar, which will serve as a hub for sourcing local products and supporting Small and Medium Enterprises (SMEs), farmers, and agricultural cooperatives. Additionally, the Lulu Group has expressed interest in investing INR 2,500 crore to open a mall and a hotel in Noida, Uttar Pradesh, as part of their expansion plans across the state....

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Pilgrimage tourism in India sees 30-100% increase in summer bookings

Author : PNT Bureau

India's pilgrimage destinations are thriving this summer, with travel companies reporting a 30% to 100% rise in bookings compared to last year. Popular sites like Ayodhya, Varanasi, Prayagraj, the Char Dham circuit, and Tirupati are drawing significant crowds. Thomas Cook (India) Ltd saw a 100% increase in Char Dham yatra packages, driven by younger travellers. The surge in visitors has prompted hotels to enhance their offerings, with mid-market and budget accommodations in high demand. This trend underscores the importance of pilgrimage tourism in India's travel sector, supported by innovative travel packages and improved connectivity....

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Trent Ltd reports strong performance as Zudio expands to 545 stores in 164 cities

Author : PNT Bureau

Trent Ltd's value fashion brand Zudio had a record year in fiscal 2024, opening 203 new stores and entering 46 new cities. With a store footprint of 10,000 sq ft, Zudio is well positioned for expansion. In FY2024, Zudio entered 46 new cities and strengthened its presence in 48 existing cities. For the full year, Trent Ltd reported consolidated revenues of INR 12,375 crore and net profit of INR 1,477 crore across its retail formats. The success of Zudio has attracted other national retailers like Yousta (Reliance Retail), Style-Up (ABFRL), and InTune (Shoppers Stop) to enter the value retail space. With India's value retail market projected to surge to USD 170 billion by 2026, Trent Ltd is well positioned to capitalize on opportunities through these brands in the high growth segment....