26 Jan 2024

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.Read more

25 Jan 2024

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 upcoming supply from the DLF Mall in Panjim.Read more

24 Jan 2024

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.Read more

23 Jan 2024

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.Read more

22 Jan 2024

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.Read more

18 Jan 2024

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.Read more

17 Jan 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.Read more

16 Jan 2024

The legal dispute over Hotel Wildflower Hall in Himachal Pradesh has concluded with the High Court mandating East India Hotels (EIH) to cede control to Himachal Pradesh Tourism Development Corporation (HPTDC) within two months. The court's order, following EIH's unsuccessful plea for review, upholds HPTDC's "warrant of possession" filed on December 15, 2023. Originating from a 1993 fire, EIH managed the property via a joint venture until disputes led to the state terminating the agreement in 2002. The court's decision recognizes the contractual intricacies, affirming legal integrity and concluding the protracted legal battle over Hotel Wildflower Hall.Read more

15 Jan 2024

Lakshadweep has gained a lot of attention following Prime Minister Modi's visit. Captivating visuals on social media alongside a diplomatic row with Maldives has led to a rise in interest. Riding on the wave, the Taj Group plans to enhance the experience with two resorts by 2026. The flights to Lakshadweep have been fully booked until March 2024. The anticipation of a new airport line promises enhanced accessibility, bringing positive prospects for Lakshadweep's tourism. As Indians discover its untouched beauty, maintaining the delicate equilibrium with the environment becomes crucial for Lakshadweep's identity among tropical paradises.Read more

12 Jan 2024

The NCLAT reversed insolvency proceedings against Asian Hotels (West), Mumbai's Hyatt Regency, approving the former promoters' proposal dismissed by lenders, citing it as arbitrary. Criticising UVARCL's claim differences, the tribunal favoured the promoters' plan for full creditor repayment. The hotel, affected by COVID-19, faced financial strains despite YES Bank's loans. The ruling highlights complexities in insolvency amid economic uncertainties like the pandemic.Read more