01 Nov 2023

Reliance Industries is set to unveil Jio World Plaza, India's largest luxury shopping destination, on November 1. Located in Mumbai's Bandra Kurla Complex, the 750,000 square feet mall will host prestigious luxury brands like Bulgari, Cartier, Louis Vuitton, and many more. Notably, Bulgari will make its debut in the Indian market through this venture. The mall will provide exclusive services such as personal shoppers, VIP concierge, wedding concierge, and porter service, enhancing the luxury shopping experience in India. With the country's evolving luxury retail landscape and increased demand, this launch marks a new era in luxury retailing.Read more

01 Nov 2023

The Indian hospitality industry is witnessing a surge in investments from family offices and high net worth individuals (HNIs). In the first nine months of 2023, family offices have invested Rs 900 crore in hotels, which is two-thirds of the total investments of Rs 1,400 crore made in the industry. This marks a substantial increase compared to 2022 when family offices invested Rs 190 crore out of the total Rs 600 crore in the hotel sector. The investment momentum is expected to continue, reaching Rs 2,000 crore in 2023, driven by robust average daily rates (ADR) and occupancy levels in hotels across the country. Emerging markets like Ayodhya, Varanasi, Haridwar, and Rishikesh are also attracting investment.Read more

31 Oct 2023

The Indian hotel sector is on track for a double-digit revenue growth in FY24 powered by robust domestic and international tourism, states a recent report by ICRA Limited. The growth got a boost from global events like the G20 Summit and ICC World Cup 2023 held in India. ICRA anticipates a 70-72% occupancy rate in premium hotels across India in FY24, with average room rates expected to hover around Rs 6,000 to Rs 6,200. The report highlights improved infrastructure, enhanced air connectivity, and a rise in MICE (Meetings, Incentives, Conferences, and Exhibitions) events as key drivers behind this optimistic outlook, indicating a resilient rebound for the industry post-pandemic.Read more

27 Oct 2023

Karma Group, led by Chairperson and CEO John Spence, is redefining luxury hospitality with its unique members-only model. They plan to invest $100 million for expansion and have partnered with EY to explore diverse financing options. Their focus on exclusivity and tailored experiences, akin to elite membership clubs, has garnered them around 85,000 members, including 25,000 from India. Recognizing evolving consumer preferences, Karma Group emphasizes the entertainment aspect of hospitality, creating memorable experiences. Their prudent financial strategy, with minimal debt exposure, and a global presence, including 15 resorts in India, mark them as pioneers in the luxury hospitality industry.Read more

26 Oct 2023

Darjeeling's Gorkhaland Territorial Administration (GTA) has leased out nine tourism properties in the Sandakphu-Phalat area to private parties due to their failure to generate sufficient revenue. These properties, mostly lodges and trekking huts along the Himalayan trail, were found to be in need of repairs estimated at Rs 6.72 crore. Sandakphu, the highest point in Bengal at 12,000 feet, is renowned for its trekking trail. The leasing decision has sparked controversy, with some alleging favouritism in property selection. GTA member Noran Sherpa defended the process, noting that a committee assessed properties' financial health before leasing them.Read more

24 Oct 2023

India's largest multiplex operator, PVR Inox, has reported a profit for the latest quarter, marking the third consecutive financial report since the merger of PVR and Inox. The profit of 166 crore for the July-September quarter was driven by the success of Hollywood movies like "Barbie" and "Oppenheimer" and popular Bollywood films, leading to higher theatre attendance. The company also expanded by opening 37 new screens during the quarter, contributing to a 53.3 percent sequential increase in consolidated revenue. The average ticket price and customer spending on food and beverages both increased, offsetting higher expenses. PVR Inox's shares rose in the September quarter.Read more

20 Oct 2023

Noida's DS Group, known for its Rajnigandha pan masala, is reportedly evaluating the acquisition of the iconic Great India Place Mall (GIP) for Rs 2,000 crore. The potential move aligns with DS Group's broader strategy to deepen its foothold in the retail and hospitality sectors. The GIP Mall, once a prime shopping destination, has faced financial challenges post the pandemic. While DS Group emphasises no official bid has been made yet, their recent acquisition activities in the hospitality sector indicate a consistent expansion strategy.Read more

19 Oct 2023

OYO plans to incorporate new 750 hotels within the next three months across 35 leisure markets including Goa, Jaipur, Rishikesh and Shimla. Majority of the additions would be in OYO’s premium brands like Palette, Townhouse, Townhouse Oak, and Collection O. The number of foreign tourists who arrived in India this year during January-June was 106% more than the figure for the corresponding period in 2022 and this is expected to grow further in the upcoming festive and winter season from October to January. The company aims to tap into this boom and emphasizes providing quality accommodations and creating job opportunities in local communities. OYO has also introduced a stay now pay later (SNPL) option, offering customers a credit limit of 5000 for settlement after 15 days from the stay.Read more

19 Oct 2023

The luxury hotel sector is thriving in India due to increased demand from high-income households. Leading hotel chains like Lemon Tree, Hilton, and Radisson are expanding their portfolios to cater to this trend. Lemon Tree recently opened the country's largest hotel, Aurika Mumbai Skycity, and is planning on many other projects in the next 3-5 years. Hilton is introducing its iconic Waldorf Astoria brand in Jaipur by 2027 and is considering further expansion. Radisson is debuting its Collection luxury hotel and aims to grow its footprint in India, with a focus on tier II-IV markets. Luxury properties contributed 14% of overall brand signings by keys in 2022, up from 9% in 2018.Read more

18 Oct 2023

The hotel industry is on the verge of significant growth in the upcoming July-September quarter (Q2) of the fiscal year 2023-24 (FY24). This growth is expected to continue into the second half (H2) of FY24, driven by both short-term and long-term factors. Major hotel companies are gearing up to report substantial growth in Q2, with revenue expected to increase by 15-30% compared to the previous year. This surge is primarily due to increased demand from the business segment. Chalet Hotels is expected to lead with a remarkable revenue growth of 30%, while other key players like Indian Hotels Company and Lemon Tree Hotels are also set for significant growth.Read more