Hospitality Sector

Kolkata-based Jain Group to invest Rs 500 cr in hospitality sector by 2030

The group aided Sarovar brand's re-entry into Kolkata after a gap of 5 years. Sarovar Portico Kolkata at Rajarhat was launched on Wednesday, a 128-key mid-market hotel

Hotel asset management companies make room for international brands

An analyst said that in the last two-three years, there have been a lot of other hotel companies that are desperate to enter the Indian market with a branding sign

Brigade Hotel Ventures to go public with Rs 900 crore offering, files DRHP

Brigade Hotel Ventures Limited is a wholly owned subsidiary of Brigade Enterprises, a real estate developer with a total market cap of over Rs 28,700 crore

India's hospitality sector attracts $93 million investment in H1 of 2024

Listed hotel companies lead hotel transactions in H1 2024

RevPAR sees 4.8% growth in Apr-June quarter in hospitality sector: Report

The revenue per available room rose by 4.8 per cent year-on-year in the hospitality sector in the April-June quarter this year mainly driven by the rise in Average Daily Rate, a report said on Wednesday. However, sequentially, the June quarter recorded a dip in occupancy levels, which can be attributed to the onset of summer vacations and a subsequent decrease of corporate travel, according to JLL's Hotel Momentum India (HMI) Q2 report. The report further revealed that besides a slight decrease in Goa's Average Daily Rate (ADR), all other markets (Bengaluru, Chennai, Delhi, Goa, Hyderabad, and Mumbai) showed considerable growth in ADR and revenue per available room figures, with Hyderabad leading the list. Hyderabad emerged as the RevPAR leader in the second quarter registering a growth of 11.9 per cent over the same period of 2023, followed by Delhi and Bengaluru with year-on-year growth of 11.8 per cent and 10.4 per cent, respectively, it added. Although occupancy levels remained

Need for infra status for hospitality sector to bring more investments: HAI

There is an urgent need for the hospitality sector to be granted industry status at state level and infrastructure by the Centre for it to attract more investments and play a part in the development of 50 new destinations announced by the government, according to newly elected president of Hotel Association of India (HAI), KB Kachru. The sector is also hopeful that international tourist arrivals in India will reach pre-pandemic levels by March next year but ease of getting visas needs to be facilitated, while also taking up campaigns to promote the country as a destination globally. "The government has declared 50 new destinations. Investors will be interested to invest money in these destinations if the infrastructure is there," Kachru, who is also Chairman -- South Asia, Radisson Hotel Group, told PTI. He further said,"People will only invest money if the related incentives are given...Unless the industry is motivated to invest in these destinations, we will not achieve what we ..

India's hospitality sector saw investments worth $401 mn in 2023: JLL

Sector has been witnessing a surge since 2023, with 25,176 keys signed and 12,647 keys opened, stated the report titled 'Hotel Investment Trends - India 2023'

Hospitality sector sees $401 mn investment surge in FY23, reports JLL

The hospitality sector has experienced a notable upswing since 2023, witnessing a record number of hotel signings and openings

Apeejay Surrendra Park Hotels to ramp up portfolio to 4,603 keys in 5 years

The hospitality brand, which started its first hotel on Park Street in Kolkata, has about 30 hotels across 20 cities today - 7 are owned and 3 leased

IHCL Q3 results: Net profit rises 18% to Rs 452 crore, revenue up 14.1%

The hospitality giant reported a 14.1 per cent uptick in revenue to Rs 1,963.24 crore from Rs 1,685.80 crore in the year-ago period

Focus on developing beach tourism, enhance hospitality standards: Kerala

The Kerala government has affirmed its commitment to align beach tourism projects with current demands, leveraging the significant potential of this specialised sector while enhancing hospitality standards. Speaking after opening the renovated Samudra Kovalam, the beachside resort of the Kerala Tourism Development Corporation (KTDC) that now flaunts a whole range of world-class features on Tuesday, Tourism Minister P A Mohamed Riyas said that it is important to adopt novel ideas in the tourism sector. "The refurbished sea-front resort will boost Kerala's standing as a fast-emerging hub of destination weddings and MICE (Meetings, Incentives, Conferences and Exhibitions) tourism," the Minister was quoted as saying in a release here. He said at a time destination weddings are becoming a global trend, the state has picturesque locations for promoting this niche area, with the government making all efforts to create the best facilities for that segment. In his presidential address, KTDC

Puneet Chhatwal takes over as FAITH chairman; will also remain Prez of HAI

Chhatwal is the managing director and chief executive officer at Indian Hotels Company Limited. He will be taking over from Nakul Anand, the former executive director at ITC Hotels

In 2024, hospitality sector to tap opportunities in underserved Indian mkts

As per analysts' estimates, Chhatwal, who is also the Managing Director and CEO of Indian Hotels Company Ltd (IHCL), said the sector had clocked a 14 per cent growth in Revenue Per Available Room

Hospitality industry expects hiring to speed up after robust growth in 2023

The Indian hospitality and tourism sector is expected to see accelerated hiring going forward after witnessing a robust growth this year with domestic travels leading the way, according to industry players. With a report by the Hotel Association of India (HAI) projecting the hotel industry's direct contribution to India's GDP to reach USD 1 trillion by 2047, experts believe there will be a minimum of 25 per cent rise in the need for workforce, with the adjacent industries like travel, aviation, ticket booking, travel guides, and consultants to be increasingly in demand. "The hotel industry's direct contribution to India's GDP reaching USD 1 trillion by 2047 is a significant milestone. This substantial growth will undoubtedly bolster job creation within the sector, providing employment to millions of individuals across diverse skill sets," HAI Vice President K B Kachru told PTI. Kachru, who is also Chairman Emeritus & Principal Advisor, South Asia Radisson Hotel Group, further said

Probing data breach claim, no current security issue detected: Tata's IHCL

Tata group hospitality firm Indian Hotels Company Ltd on Thursday said it is investigating claims of a data breach, but asserted there is no suggestion of any current or ongoing security issue. According to a media report, there has been a personal data breach of 15 lakh users from the Taj Hotel database, which is available on the dark web for purchase at USD 5,000. "We have been made aware of someone claiming possession of a limited customer data set which is of non-sensitive nature," Indian Hotels Company Ltd (IHCL) spokesperson said in a statement. Asserting that safety and security of customers' data is of paramount importance to the company, the spokesperson said, "We are investigating this claim and have notified the relevant authorities." The spokesperson further said, "We continue to monitor our systems and there is no suggestion of any current or ongoing security issue or impact on business operations." IHCL runs a number of hospitality properties under the Taj, SeleQtion

RMZ Corp aims to add $25 billion of assets by 2029 as it expands portfolio

RMZ has been operating in the office space for nearly two decades, along with involvement in retail and residential segments

Zubin Saxena succeeds Navjit Ahluwalia as Hilton's senior VP, country head

Zubin Saxena will take charge in January 2024; he was previously working at the Radisson Hotel Group for over eight years

PRS Oberoi, doyen of Indian hospitality passes away at the age of 94

Chairman Emeritus of The Oberoi Group Prithvi Raj Singh Oberoi, widely known as the doyen of Indian hospitality, passed away on Tuesday, leaving behind a rich legacy. "It is with deep sadness that we inform the peaceful passing of PRS Oberoi, Chairman Emeritus of The Oberoi Group, earlier today," a statement said. A luminary in the hospitality industry, Oberoi's legacy transcends borders, leaving an indelible mark on the global landscape, it added. PRS Oberoi received numerous awards and accolades, amongst the most noteworthy the Padma Vibhushan, in recognition of his exceptional contribution to the country in tourism and hospitality. He was also honoured with the Lifetime Achievement Award at ILTM ( International Luxury Travel Market), recognizing his exceptional leadership and vision. PRS Oberoi was presented with the 'Corporate Hotelier of the World' award by HOTELS magazine USA. The 6th International Hotels Investment Forum in Berlin honoured him with the prestigious Lifetime

Hospitality major EIH Q2 net profit rises over 4-fold to Rs 94.14 cr

Hospitality major EIH Ltd on Friday reported an over four-fold rise in its consolidated net profit to Rs 94.14 crore in the second quarter ended September 30, 2023, driven by higher revenue. The company, which owns and operates hotels and resorts under the Oberoi and Trident brands, had posted a consolidated net profit of Rs 22.35 crore in the year-ago period, EIH Ltd said in a regulatory filing. Consolidated revenue from operations was at Rs 530.57 crore in the quarter under review as against Rs 401.05 crore in the corresponding period a year ago, it added. Total expenses in the second quarter were higher at Rs 426.43 crore as compared to Rs 355.9 crore in the last fiscal. EIH Ltd Executive Chairman Arjun Oberoi said the company achieved "exceptional financial results in the second quarter. We've seen a significant growth in both revenue and profitability." He further said the company is committed to expanding its presence in key markets.

Travel and tourism industry's hiring demand up 44% YoY in August: Report

Sales and business development roles have the highest hiring demand in the travel & tourism industry, and demand for gig workers, such as photographers, event planners, etc have increased by 14%