15 Dec 2023

ICRA projects a 14-15% growth in retail trading values for FY2024 and a 10-12% rise in FY2025, buoyed by robust consumer demand. Mall operators are expected to witness a 9-10% YoY growth in rental income for FY2024 and 8-9% in FY2025, fuelled by healthy occupancy rates and rental escalations. H1 FY2024 already saw an 8.4% YoY increase in rental income. The rebound in footfalls and trading values from FY2023 persists into H1 FY2024, with ICRA anticipating continued growth. The Indian retail sector, particularly malls, shows resilience and recovery supported by increased household spending and positive consumer sentiment.Read more

12 Dec 2023

The Leela Palaces, Hotels and Resorts has ventured into Northeast India with the signing of a management agreement for Leela Sikkim, a 140-room luxury hotel set to open in December 2026. Located near Gangtok Hill, the resort, owned by the SIBIN Group, aims to redefine hospitality in the region with its Himalayan backdrop, innovative design, and signature services. Featuring independent villas, wellness facilities, diverse dining options, and a casino, Leela Sikkim promises an authentic experience, showcasing the cultural richness and natural beauty of this unexplored Himalayan destination. The expansion aligns with The Leela's strategy to grow in key leisure destinations across India.Read more

08 Dec 2023

Cinépolis introduces a state-of-the-art multiplex at Hyderabad's LULU Mall, boasting 5 screens and 1427 seats, setting a new standard in cinematic indulgence. With an emphasis on comfort, RealD 3D technology and Dolby Atmos, this venture elevates the movie watching experience. The multiplex features a gourmet dining counter and expands Cinépolis's footprint to 27 screens across Hyderabad and 127 screens in South India. This collaboration between Cinépolis and LULU Mall promises an immersive, culturally rich entertainment experience, blending world-class cinema with vibrant surroundings, setting a new benchmark in cinematic excellence.Read more

08 Dec 2023

Dusit Hotels and Resorts collaborates with property developer Gamuda Land for its inaugural venture in Malaysia named ASAI Gamuda Cove. It is set to open in Q1 2026. This 280-key hotel follows Dusit's unique ASAI brand and the enhanced 'ASAI Tropical' model, offering diverse amenities. Positioned strategically in Gamuda Cove, near the biodiversity-rich Paya Indah Discovery Wetlands, it seamlessly integrates with nature and community. The hotel supports eco-friendly practices, featuring a first-of-its-kind e-tram network. Anticipating a million annual visitors, this partnership aligns with Gamuda Cove's eco-tourism focus. Dusit International's global portfolio and plans for new hotels reinforce its industry prominence.Read more

07 Dec 2023

The Itomachi Hotel O in Saijo, Japan, designed by architect Kengo Kuma and spearheaded by semiconductor company Advantec, is drawing attention as the nation's first zero-emissions hotel. Inaugurated as part of a regional revitalization effort, the hotel achieves net-zero carbon emissions through rooftop solar panels, contributing to the city's renewal amid population decline. The multifunctional complex, featuring a market and restaurants, serves as an emergency shelter with a 140-kilowatt solar capacity. The hotel enhances this to 300 kilowatts, securing the highest green accreditation in Japan. This innovative project not only addresses environmental concerns but also exemplifies the integration of sustainability with community-driven regional development.Read more

06 Dec 2023

Peerless Hotels is set for a transformative journey, planning to double its room capacity in the next five years. Following the successful upgrade of the Peerless Kolkata property, the company eyes expansion through acquisitions or management contracts. With a focus on internal consolidation first, the 30-year-old company aims to rejuvenate existing properties over a two-year period. Collaborative ventures with partners are on the horizon to broaden market reach. Amid a post-Covid recovery and rebranding all city hotels as Peerless Hotels, the company anticipates a record-breaking fiscal year, with significant revenue growth underlining its success.Read more

05 Dec 2023

Bhutani Infra's Avenue 133, the cutting-edge high-street mall in Noida Sector 133, has made history in the local real estate scene by selling all its retail spaces within a remarkable 12 hours of its grand launch. Situated strategically along the Noida-Greater Noida Expressway, Avenue 133 offers a mix of retail shops, wellness centres, office spaces, and a vibrant food court, aiming to be the longest high-street commercial project in Delhi NCR. With metro connectivity, modern facilities, and a diverse range of brands, its swift success reflects trust in Bhutani Infra's commitment to quality, innovation, and environmental responsibility.Read more

02 Dec 2023

Oyo has revived its self-operated hotels, now labelled 'Managed by Oyo,' seeking partnerships with real estate developers for 200 premium hotels across Indian metros. After closing its self-operated model in 2020, Oyo is re-entering the space, emphasizing a revenue-sharing basis for long-term management contracts. During the pilot phase, 30 realtors partnered, initiating operations in over 35 hotels across key cities. The program targets high-traffic metros and major tourist destinations, focusing on premium offerings like Townhouse. Oyo aims to create a mutually beneficial scenario for landlords, operators, and travellers, and hints at a potential increase beyond the initial 200 hotels.Read more

02 Dec 2023

Breach Candy and Jaslok hospitals in Mumbai are undergoing substantial expansions to meet rising patient demands. Breach Candy plans to operate from a new 11-storey building with upgraded facilities like ICUs, outpatient departments, and isolation wards, costing around Rs300 crores. Jaslok is reorganizing spaces for better patient movement, adding annexes with specialized units like ICUs and dialysis. Both hospitals aim to optimize functionality, improve fire safety, and create separate parking facilities. These initiatives reflect their commitment to evolving healthcare needs while ensuring top-notch care for patients in South Mumbai.Read more

01 Dec 2023

Wyndham Hotels & Resorts is set to launch its European brand, Vienna House, in India by mid-next year, aiming for 100 hotels in the country by 2025. The move seeks to attract foreign tourists bound for India, leveraging the Wyndham Rewards program. The company, with over 5,333 operational rooms and 35 hotels under development in India, emphasises tier two and tier three cities for broader distribution. The strategy aligns with infrastructure development, focusing on religious and wellness tourism, including strategic locations at pilgrimage sites, highlighting a multifaceted approach for sustainable growth over the next five years.Read more