11 Jan 2024

Abhinandan Lodha Group and Leela Palaces join forces to build Rs 2000 crore hotel in India's historic and cultural cities containing Ayodhya, Amritsar, Benares, Shimla, and Vrindavan, kickstarting a plan for luxury hotels in culturally significant Indian cities. The Ayodhya Hotel, situated near the Shri Ram Janmabhoomi Temple, will cover five acres by the Sarayu River. Leela Palace has collaborated in designing and co-owning the property, marking their first joint luxury project. This initiative aligns with the boost for tourism anticipated in Ayodhya. The partnership signals a redefinition of luxury hospitality, aiming to offer an exceptional experience while honoring Ayodhya's heritage.Read more

10 Jan 2024

In Q4 2023, India's top eight cities witnessed a retail space surge of 5.9 million sq ft, led by Bengaluru and Hyderabad, as reported by Cushman and Wakefield. Bengaluru and Hyderabad added 1.2 million sq ft and 1.02 million sq ft of Grade A malls, while Mumbai saw no increase, Delhi added 0.22 million sq ft, and Pune noted 1.43 million sq ft. High streets in Bengaluru and Pune experienced up to 20% YoY rental appreciation, surpassing pre-pandemic levels. Eperts have attributed the rental growth to demand-supply mismatch, shorter lease terms, and rising store sizes. In Bengaluru's HSR Layout, rentals witnessed an 18% YoY growth, anticipating further expansion in 2024.Read more

09 Jan 2024

Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel.Read more

05 Jan 2024

Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape.Read more

02 Jan 2024

Saya Group, a renowned real estate player, announces a strategic collaboration with global multiplex giant Cinepolis to introduce cutting-edge 5-screen multiplexes in its flagship commercial projects, Saya Status and Saya South X. Saya Status, India's tallest mall, spans 1.4 million sq. ft., offering a futuristic design and possession in early 2025. Meanwhile, Saya South X in Greater Noida West is nearing completion and poised to become the retail hub of the region. This partnership aims to elevate the entertainment and commercial potential of both projects, aligning with Saya Group's commitment to quality and comprehensive space development.Read more

02 Jan 2024

Terra Grande Sirmaur, nestled in Himachal Pradesh's hills, epitomises luxury and tranquillity for those seeking upscale holiday homes in the Himalayas. The project, a part of Eldeco Group, offers exclusive villas in a serene hillside locale, blending modern living with natural beauty. With low-density, secure designs and a host of amenities, it promises a harmonious second home experience. Amidst a growing trend for holiday residences, Terra Grande redefines luxury hillside living, hinting at a future of sophisticated dwellings in sync with nature's abundance.Read more

01 Jan 2024

In 2023, IHG Hotels and Resorts, a global hospitality leader, experienced a remarkable rebound, surpassing pre-pandemic levels and witnessing extraordinary growth in the tourism industry. The company, managing renowned brands like Holiday Inn, Intercontinental, and Six Senses, marked the launch of its premium lifestyle brand Voco and secured 15 new deals during the year. Sudeep Jain, IHG Hotels & Resorts Southwest Asia managing director, highlighted the industry's expansion as a key factor behind the success, citing increased occupancy rates and room rates. With plans to add 45 hotels in the next three to five years, including luxury brands Regent and Kimpton, IHG anticipates continued growth in the Indian market.Read more

27 Dec 2023

The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Appu Hotels' existing promoters, restoring the Board of Directors' powers suspended during a takeover bid by MGM Healthcare's Managing Director M K Rajagopalan. Acceptance of the settlement proposal by Appu Hotels' promoter, Palani G Periasamy, led to the withdrawal of the resolution process, reinstating AHL's original board and control over assets. The decision allows the full-scale operation of Hotel Le Royal Meridien in Chennai, marking a significant step forward. The tribunal's approval of the Rs. 595 crore settlement sets a rare precedent for complete debt resolution, offering hope for industries navigating financial distress under the Insolvency and Bankruptcy Code.Read more

20 Dec 2023

Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.Read more

19 Dec 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to auction land for hotels near the upcoming Noida International Airport in Jewar. An e-auction is scheduled for December 22 which will offer three commercial plots in Sector 28, adjacent to the airport and the Yamuna Expressway. These strategically located plots aim to attract big players. Big entities like the ITC Group have already expressed interest. With applications accepted until December 14, the auction anticipates a minimum revenue of Rs 108 crore. Successful bidders will secure 90-year leases for constructing multi-storey hotels, pending clearance for structures exceeding 24 meters in height from the Airports Authority of India.Read more