PNT Reporter

01 Apr 2024

Oyo, the budget hotel chain, targets a substantial profit increase and continued revenue growth in FY24, indicating a potential turnaround. Its parent company, Oravel Stays, aims for a INR 100 crore profit after tax (PAT) in Q4, tripling from the previous quarter. Additionally, a 20% year-on-year revenue growth, exceeding INR 2,000 crore compared to FY23, is targeted. Oyo's recent profitability, driven by revenue growth and enhanced brand confidence, is complemented by strategies such as expanding its hotel portfolio, international expansion, and initiatives like the Oyo Accelerator Programme. Prioritising markets like India, Europe, Indonesia, and Malaysia, along with focusing on spiritual tourism, positions Oyo for a robust performance in 2024.Read more

PNT Reporter

29 Mar 2024

Kritunga Restaurants has partnered with 91Squarefeet, a well-known commercial fit-out services company, to renovate its stores throughout South India. The alliance intends to improve the dining experience by optimising layout, combining cultural themes, and emphasising sustainability. The alliance, which focuses on operational efficiency and customer happiness, promises to raise the bar for restaurant design and ambiance. Kritunga and 91Squarefeet want to create immersive eating spaces that honour South Indian heritage while also providing great service and culinary quality.Read more

PNT Reporter

28 Mar 2024

Omkara ARC, led by Manish Lalwani, bought Park Hyatt Hyderabad's non-performing loans (NPLs) at a 34% discount from lenders BlackRock and JM Financial. The luxury hotel, famed for its luxurious facilities and ideal location, secured its INR 450 crore main outstanding debt through a INR 300 crore all-cash transaction. This strategic decision shows Omkara ARC's experience in distressed asset sales and broadens its presence in the hospitality industry. The acquisition is consistent with Omkara ARC's overall strategy of discovering value-driven investments, which positions it as a prominent participant in the industry.Read more

27 Mar 2024

Prestige Estates Projects and Marriott International have joined forces for six hotel projects, marking a substantial investment in India's tourism sector. Spread across scenic locales in Goa and Karnataka, these projects will offer 801 keys, including brands like Marriott, Moxy, and Autograph Collection. With an estimated investment of INR 1000 crore, this collaboration signifies a commitment to luxury and innovation, promising to redefine hospitality standards and drive industry growth in the region.Read more

27 Mar 2024

Aster DM Healthcare plans a USD 108 million expansion in India while divesting its Gulf business. With ambitions to rank among India's top three hospital chains, Aster aims to add 1,500 beds by 2027. Despite India contributing only a quarter of its revenue, growth in the region outpaces the Gulf. Aster agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital, distributing the proceeds to shareholders. Since the announcement, Aster's shares have surged by 32%, reflecting investor optimism. These strategic moves signal Aster's commitment to evolving in the healthcare sector while maintaining excellence in patient care.Read more

PNT Reporter

26 Mar 2024

CIDCO has launched a scheme to sell 243 shops in Navi Mumbai's Ulwe node, aiming to bolster economic activity and provide opportunities for small and medium businesses. With Ulwe's rapid urbanization and strategic location near transit networks and the Mumbai Trans Harbour Link, the area presents promising prospects for business growth. CIDCO's Vice Chairman emphasized the scheme's significance for local entrepreneurs, urging them to seize the opportunity to stimulate economic growth and job creation. Interested parties can register for the auction until April 13, showcasing CIDCO's dedication to fostering business growth and economic development in Navi Mumbai.Read more

PNT Reporter

25 Mar 2024

French sporting goods retailer Decathlon is increasing investments in India to accelerate retail expansion and local manufacturing. It operates 129 stores in India and sees the market growing twice as fast as global rates. The company exports 65% of Indian-made products worldwide. Decathlon plans to expand local sourcing and production in India while opening 10 new stores annually. Its app has over 29 million Indian downloads, showing India�s digital affinity. The upcoming investments aim to strengthen Decathlon's position in India's fast-growing sports and athleisure market.Read more

22 Mar 2024

Kishore Biyani's daughters, Avni Biyani Jhunjhunwala and Ashni Biyani, are reentering the food retail arena with Food Stories, akin to their previous venture Foodhall. Their new gourmet food and experiential retail concept will debut at Ambience Mall in New Delhi, offering artisanal foods including cheeses, condiments, fresh produce, and packaged items. With support from the Narottam Sekhsaria family office, they aim to tap into rising demand for specialized foods and wellness products. This comeback follows the closure of Foodhall due to parent company Future Retail's insolvency issues. Additionally, the sisters plan to introduce Broadway, housing digital-first brands, and have launched Think9 Consumer Technologies to promote digitally native brands across multiple consumption categories. Despite growing competition, their move aligns with the expanding premium food market in India, projected to reach USD 1,230 billion by 2023.Read more

21 Mar 2024

Soho House, renowned for its vibrant creative ambiance, targets India with digital membership expansion and two new physical locations. Their CWH membership program, available in six Indian cities, offers exclusive events and global access to creative individuals. Annual membership costs INR 72,950, making it more accessible. New Delhi and South Mumbai will host upcoming physical houses, promising amenities like rooftop pools and gyms. Despite recent financial concerns, Soho House boasts growing membership and emphasizes service quality. Their Indian expansion reflects the country's burgeoning creative landscape, competing with similar clubs like The Indus Club and The Quorum Club for a sophisticated networking space.Read more

PNT Reporter

20 Mar 2024

Hyatt Hotels plans to open seven new hotels across India by 2024, adding over 1,100 rooms. This is part of Hyatt's goal to grow its portfolio in Southwest Asia to more than 55 hotels by 2024. Hyatt has seen strong growth in India recently and aims to capitalize on the rising domestic tourism market. The expansion will feature new Hyatt Regency, Hyatt Place and Hyatt Centric properties. Hyatt also plans to introduce its Unbound Collection brand in India after renovating the Noor-Us-Sabah Palace in Bhopal.Read more