Page 2 - Hospitality

Hotel stocks to ride the elevator to revenue growth on room rates

Listed players hit the 'suite' spot of growth in the business segment in Q2 defying seasonality

As business booms for Indian hotels, you can't check in any time you like

Domestic tourism is booming, helping hospitality groups to beat pandemic downturn

Kolkata Port floats EoI for commercial development on riverfront lands

The Syama Prasad Mookerjee Port has floated an expression of interest (EOI) for commercial and hospitality projects on riverfront lands in Moyapur, the Noorpur-Hooghly point and Budge Budge in South 24 Parganas district, officials said on Wednesday. The 20.49-acre site at Moyapur is proposed for development of a luxury resort, as it still holds remnants of the old gunpowder magazine built by the British, they said. Records indicate that from June 1, 1803, all ships were asked to store their gunpowder at the new facility in Moyapur, the port's Chairman Rathendra Raman said. He said the project site still has four magazines on the west side, 2 pillbox (guardhouse) on the south and one magazine on the northern side. "The Moyapur magazine site still holds remnants of the old, and exhibits immense potential to be developed as a recreational spot for people of Kolkata and its surroundings, and as a place of historical importance," Raman said. The magazine here refers to an ammunition ..

Club is a place for people to work, meet, entertain: Vivek Narain

They are the third space, 'away from home and office': CEO of The Quorum

Rixos Joins As A Sponsor For WOW Awards Asia, Enriching the Experiential Landscape

.

EIH's profit after tax jumps multi-fold to Rs 92 cr in March quarter

Hospitality firm EIH Limited on Monday said its consolidated profit after tax in the fourth quarter ended March grew multifold to Rs 92 crore over the year-ago quarter. Profit after tax grew to Rs 329 crore in FY23 as against the previous year, the company said in a statement. Its consolidated revenue stood at Rs 2,096 crore in the financial year ended March, up 101 per cent from a year ago, it stated. Vikram Oberoi, Managing Director & CEO, EIH Limited, said, FY23 has been a record year for EIH Limited, reporting the highest ever full-year consolidated revenue, EBITDA and PAT. Hotels managed by EIH Limited achieved an industry-leading RevPAR index of 127 per cent for the FY23, on the back of an ARR index of 120 per cent".

Thomas Cook India's Q4 total income rises 150% to Rs 1,300 crore

The Group's operating Ebitda grew significantly to Rs 270 crore for the full financial year 2022-23 (FY23) against a loss of Rs 120 crore in FY22

As the economy rebounds, India's hotel industry may have its best year ever

After posting a hike of 13 per cent in FY22 the ARR of premium hotels is estimated to have increased by 24 to 26 per cent in FY23, a decadal high of Rs 7,500 to 10,000, according to a Crisil report

Budget 2023-24: Hospitality will benefit, says Massive Restaurants' Kalra

Zorawar Kalra, Founder & MD, Massive Restaurants, talks about Union Budge 2023

Small towns witness highest increase in room bookings in 2022: OYO

India's small towns like Hathras, Sasaram, Karaikudi, and Tenali witnessed the highest increase in room bookings in 2022, according to hospitality and travel-tech firm OYO's annual data. With travel bouncing back strongly after the pandemic, OYO Travelopedia 2022 found that Hyderabad, Delhi, Bangalore, Kolkata, and Chennai emerged as the most booked cities in India for business travel. "Uttar Pradesh became the most visited state in 2022. Smaller towns and cities such as Hathras (Uttar Pradesh), Srinagar in Uttarakhand, Sasaram (Bihar), Karaikudi (Tamil Nadu) and Tenali (Andhra Pradesh) observed the highest increase in bookings in 2022 versus 2021. June 4, 2022, was the most booked day in 2022," OYO said in a statement citing its data. While Hyderabad, Delhi, Bangalore, Kolkata, and Chennai are the most booked cities for business travel, OYO said Jaipur, Goa, Kochi, Varanasi and Visakhapatnam topped the charts as favourite leisure destinations in 2022. "Varanasi became the most boo

Airbnb to verify all guests, crack down on party bookings, says report

Online hospitality major Airbnb has announced that all guests will be required to verify their identity for a successful booking, while it will also crack down on parties booked through its service

Hospitality sector's per-room revenue grew 89.6% YoY in Q3: JLL report

Room demand across business cities remained strong during the quarter, primarily driven by MICE and other business-related travel

Fitch downgrades OYO's ratings over uncertainty in making profit

Rating agency expects the company's FY23 revenue to increase by around 30%, lower than its forecast.

Hospitality deals pick up after a lull as HNIs, family offices check in

Family offices, high net-worth individuals and institutional investors are looking at the sector, say advisory firms

The talent crunch: Why fresh graduates are fleeing the hospitality sector

As occupancy peaks, hospitality firms find themselves competing with retail, e-commerce, real estate and IT for employees

OYO hits weekend with over 300K bookings; surpasses New Year's bookings

OYO also observed a 134 per cent jump in weekend vs weekday bookings during the festive weekend in 2022 vs 111 per cent in 2019.

Indian travel, hospitality sector rebounds with maximum hiring in March

However, the travel and hospitality industry is not quite back to pre-pandemic levels but is certainly on the way to recovery.

Domestic leisure to be strong even after overseas travel resumes: Experts

Temperatures are running high for those in the travel and hospitality business because they expect demand for both inbound and outbound travel to explode

FM Nirmala Sitharaman holds meeting with hospitality, tourism sectors

Finance Minister Nirmala Sitharaman on Friday held a meeting with representatives from travel, tourism and hospitality sectors to discuss various credit related issues with them. The meeting was also attended by senior finance ministry officials and heads of various public sector banks (PSBs). "Along with the FM, the meeting was also attended by MoS Finance Shri @DrBhagwatKarad; Finance Secretary; Secretaries for Financial Services, Economic Affairs & Revenue; chiefs of PSBs & IBA, besides senior officials from @FinMinIndia," the finance ministry said in a tweet. It is to be noted that Budget 2022-23 had proposed to open an additional Rs 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support hospitality and related services sector. "Hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023 and ..

Christmas, New Year help hospitality firms' Q3 earnings as Covid curbs ease

Most hospitality firms, particularly the ones that have a strong presence in the leisure locations, report year-on-year growth.