Hotel Business

Marriott International adds 12 properties with 1,431 rooms in India in 2023

Global hospitality group Marriott International on Wednesday said they added 12 properties in India in 2023 and over 60 in the Asia Pacific region, excluding China. This addition has brought the company's presence to more than 560 operating hotels and residences, and exceeded 10 per cent net rooms growth compared to 2022, the hospitality group said in a statement. In the last year, Marriott added over 60 properties to its portfolio, particularly in key travel markets such as Japan, India, and Vietnam, it said. The 12 hotels in India have approximately 1,431 rooms, as per the statement. The company also signed over 80 deals across 13 markets, representing approximately 18,000 rooms. At the end of 2023, Marriott's development pipeline for the region stood at over 320 hotels with over 69,000 rooms, it said. In 2023, 15 per cent of the deals signed in APEC were in the luxury segment and a record nine luxury hotels were opened in the region, including The Ritz-Carlton, Melbourne, whic

ICC World Cup 2023: Local biz saw 400% hike in spending by foreign tourists

Quick-service restaurants in host cities saw an increase in spending by foreign tourists for three key matches - India vs Pakistan, India vs England, and the final clash between India and Australia

Hospitality company Peerless Hotels eyes doubling of rooms over five years

Peerless would also look for partners so that the properties can be reached to different feeder markets

Focus more on niche products to tap market demand: Global Travel Market

The first edition of Global Travel Market (GTM 2023) and expo drew to a close here on Saturday with leading players of travel and hospitality sector calling for stepping up promotional efforts focusing more on niche areas like experiential travel, wellness and heritage to tap the full potential of post-pandemic surge in tourism. The four-day event, which saw a large number of business decisions being clinched during the B2B sessions by stakeholders from around the world, also stressed on firming up sectoral collaborations and government-industry relations to impart a further momentum to the highly promising sector. GTM 2023 was organised by South Kerala Hoteliers Forum (SKHF), Trivandrum Chamber of Commerce and Industries (TCCI), Tavaz Ventures, Metro Media and Citrine Hospitality Ventures, a statement said here on Saturday. GTM CEO Siji Nair said the expo had participants from around 24 countries and more than 20 states, making the event a grand success. Overall, more than 1,000 .

Espire Hospitality plans to have 20 hotels by FY25 with Rs 560 cr capex

Espire Hospitality Group is planning to have 20 operational properties by 2024-25, with a capex of Rs 560 crore under its brands - Zana, Country Inn Express and Country Inn Premier, a top company executive said on Saturday. "Currently, we have 10 hotels in the portfolio under the 5 star luxury boutique resort brand 'ZANA - a Luxury Escapes' and the 4 star brand 'Country Inn Hotels and Resorts', with 780 keys. In this financial year, we are adding 200 more keys (3 ZANA resorts) to reach 13 operational hotels with 980 keys," Espire Hospitality Group Chief Executive Officer Akhil Arora told PTI. The capex, through in-house funding, will also be utilised in phases for renovating, leasing and upgrading the existing hotels, he added. The hospitality group, Arora said, is exploring both green-field as well as brown-field properties in leisure destinations like Goa, Uttarakhand, Rajasthan and Himachal Pradesh. "We are exploring opportunities in leisure destinations as well as tier I cities

DB Realty to acquire stakes in 3 hotels for more than Rs 2,300 cr

Mumbai-based D B Realty Ltd on Monday said it will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty and BD And P Hotels for more than Rs 2,300 crore. These deals fall into related party transactions and are done at an arm's length basis, D B Realty said, adding this will enable the company to enter into the hospitality business. In a regulatory filing, D B Realty informed that it has entered into separate share purchase agreements to acquire shares of Bamboo Hotel Global Centre (Delhi) Pvt Ltd, Goan Hotels & Realty Pvt Ltd and BD And P Hotels (India) Pvt Ltd. As per the filing, Bamboo Hotel and Global Centre (Delhi), a joint venture between Prestige Hospitality Ventures Ltd and Marine Drive Hospitality & Realty Pvt Ltd (MDHRPL), is constructing a hotel complex 'Prestige Trade Centre at Aerocity, New Delhi. D B Realty will acquire 10,10,000 Class A equity shares in Bamboo Hotel for a total consideration of Rs 608.88 crore. The property is leased out by ...

Top 10 business ideas under 15 lakh to start earning money today in India

Starting a business can look hectic, but if you have sufficient capital, most of your problems are already eliminated. Here are the top 10 business ideas under 15 lakh

OYO to facilitate skill training for youths at its vacation home biz abroad

Hospitality tech platform OYO on Wednesday said it will facilitate on-the-job training across its vacation home business in countries such as Denmark to selected youth from Haryana in conjunction with Vishwakarma Skills University. OYO signed a memorandum of agreement (MoU) with Vishwakarma Skill University, Haryana Kaushal Rozgar Nigam Limited (HKRNL) and the Foreign Cooperation Department of Haryana government, the company stated. "By facilitating partnerships between educational institutions, government agencies, and private sector companies like OYO, the state government is actively working to enhance its young population's employability and skill sets. "Today's MoU signing initiative not only will contribute to the economic development of the state but also foster international cooperation and cultural exchange through the movement of skilled workers," said Haryana Chief Minister Manohar Lal Khattar. He said that the youth is a significant asset, and creating employment ...

ITC board fixes share entitlement ratio at 1:10 for demerged hotels biz

Diversified entity ITC Ltd on Monday said shareholders will get one equity share of ITC Hotels for every 10 shares held in the demerged company (ITC Ltd), according to the entitlement ratio. At the board meeting of ITC Ltd held on Monday, it was decided that issuance of equity shares by the resulting company ITC Hotels Ltd to the shareholders of the demerged entity will be in the ratio of 1:10, according to a regulatory filing by the firm. The company said the scheme of demerger comprising hotels business of the demerged company into the resulting entity is on a going concern basis. Giving the rationale for the demerger, ITC said it is a diversified company engaged in various businesses including hotels. The hotels business of ITC has matured over the years and is well poised to chart its own growth path and operate as a separate listed entity in the fast-growing hospitality industry, whilst continuing to leverage ITC's institutional strengths, strong brand equity and goodwill, it

Demerged hotels biz will have a strong balance sheet: ITC chairman

Chairman and managing director of ITC Limited Sanjiv Puri on Thursday said that the proposed demerged hotels business will have a strong balance sheet and also be debt-free. Speaking to analysts over concall, Puri said the new entity when it comes into being, will be able to raise capital, either through debt, equity or from strategic investors when required. This is up to to the board of the new entity to determine when such capital is required, Puri said, adding that it will work on a asset-light model requiring modest amount. On July 24, the board of ITC gave in-principle approval to demerge the hotels business into a new entity to be listed pursuant to a scheme of arrangement. In the new entity, ITC will directly hold 40 per cent of equity while the balance 60 per cent will be owned by the shareholders of the company. Puri said "ITC will stay invested in the hotels business with this holding and also draw synergies for its foods vertical from the demerged entity." Puri said "

ITC loses over Rs 50,000 cr m-cap in 2 days on hotel biz de-merger plan

The m-cap of ITC eroded by Rs 54,350 crore to Rs 5.68 trillion in Tuesday's intra-day deal

ITC dips 4% after board gives in-principle approval to demerge hotel biz

The Board has also approved incorporation of a wholly owned subsidiary of the company to be named ITC Hotels Limited

ITC considers 'alternative' structure for its hospitality business

Conglomerate looking at REITs, JVs, says Nomura report; industry sees it as a 'win-win' situation

Cleartrip says aiming for growth in flight tickets, hotels business in 2023

The improved performance will be led by revenue growth, expansion in business-to-business (B2B) category and lower marketing spends

With new hotel brands, ITC checks in with 'house of brands' model

ITC has launched two brands - Storii, in the boutique premium segment, offering immersive experiences, and Mementos, a collection of unique luxury properties across destinations

Hotels and restaurants can't levy service charge by default, says CCPA

The hotels have to clearly inform the consumer that paying the service charge is at the consumer's discretion, the CCPA said

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

IHCL looks to build portfolio of 300hotels, scale up new business

The Indian Hotels Company (IHCL) is eyeing to build a portfolio of 300 hotels and strengthen and scale up new businesses, including Qmin, 7Rivers, ama Stays & Trails, under its Ahvaan 2025. We have signed over 100 hotels and opened over 40 hotels in the past five years, becoming the fastest growing hospitality company in India. Ahvaan 2025 will further accelerate our profitable growth by scaling our diversified brand portfolio across traditional and new businesses," IHCL Managing Director and Chief Executive Officer Puneet Chhatwal told reporters on Monday. IHCL aims to build a portfolio of 300 hotels, clocking 33 per cent EBITDA margin, of which 35 per cent EBITDA share contribution is expected to come from new businesses and management fees by 2025-26, he said. The hospitality company is also focused to strengthen the balance sheet with focus on free cash flows and be a zero net debt company, he said. Chhatwal said Ginger will be an important growth vehicle and will scale to 125

As Sri Lanka battles economic crisis, Indians rethink travel plan

Travel firms and hotels say they have not recorded cancellations, but the island declaring a national emergency is worrying for business.

Holidaying abroad or dining out? Expect to shell out more this summer

A steep rise in the cost of services and consumables is prompting those in the restaurant, travel, and hotel business to revise their rate cards by 10-20% in the coming weeks