19 Feb 2024

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.Read more

16 Feb 2024

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.Read more

15 Feb 2024

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.Read more

14 Feb 2024

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.Read more

13 Feb 2024

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.Read more

09 Feb 2024

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.Read more

06 Feb 2024

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.Read more

02 Feb 2024

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.Read more

30 Jan 2024

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.Read more

29 Jan 2024

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.Read more