Page 2 - Hotel Industry

Oyo's premiuim hotel brand 'SUNDAY' launches first international hotel

In a bid to expand its premium property portfolio overseas, SUNDAY, a luxury hotel brand owned by OYO's parent firm and SoftBank Group, has opened its first properties abroad in the UK and UAE, OYO announced on Wednesday. The initiative is a part of OYO's ongoing efforts to strengthen its premium property portfolio across the globe, the company stated. SUNDAY Lansbury Heritage near London's iconic business district Canary Wharf will now be operated by Oravel. The 35-room property is a restored Grade II listed building with its history dating back to 1628 when the East India Company built its first chapel and almshouses on the site. SUNDAY in Dubai has been launched with the opening of SUNDAY Holiday International Hotel. The premium brand of properties was originally launched in May 2023 in India by the joint venture between the Softbank and Oravel Stays. At present, there are three SUNDAY properties in India with a plan to increase to 25 by the end of March 2025. "Our data indic

Radisson to further expand presence in Tier-II, -III cities: Nikhil Sharma

We will close this year with 130 operating hotels and add almost 20 operating hotels next year, said Nikhil Sharma, MD, South Asia, Radisson Hotels group

IHCL plans to double its consolidated revenue, portfolio of hotels by 2030

Ankur Dalwani, executive vice president and chief financial officer, IHCL, stated that the company will continue to remain net cash positive

Marriott International, Samhi Hotels ink pact to open 3 properties in India

Marriott International and SAMHI Hotels on Wednesday announced that they have signed a pact to develop three new properties comprising more than 568 rooms across India. The projects with SAMHI Hotels, one of India's leading hotel ownership and asset management companies, comprising the W Hyderabad Hitec City, Bengaluru Whitefield, A Tribute Portfolio Hotel and The Westin Bengaluru Whitefield, Marriott International said in a statement. These properties are expected to open during 2026-2028, elevating the two companies' joint efforts to expand their footprint in the country. "With 153 operating properties in India, we are focused on strengthening our presence in the country and are optimistic that this will position us well to meet the strong demand for both leisure and business travel," Rajeev Menon, Marriott International President, Asia Pacific excluding China, said. SAMHI Hotels Chairman, Managing Director and Chief Executive Officer Ashish Jakhanwala said, "We are collaborating

Better demand trends upgrade Indian Hotels Company to profit suite

Management credits demand-supply gap, shifting demographics for hitting the 'suite spot'

IHCL acquires 55% stake in Rajscape Hotels to enhance experiential leisure

Rajscape Hotels manages 16 boutique properties under the brand 'Tree of Life Resorts & Hotels' across India

Hyatt Hotels plans to reach 100 properties in India within 5-6 years

Global hospitality major Hyatt Hotels Corporation is confident of nearly doubling its properties in India to 100 hotels over the next five to six years to tap opportunities in one of its top global growth markets, according to a senior company official. The company is also actively exploring opportunities to introduce additional global brands from Hyatt's portfolio to India, Hyatt Hotels Corporation Managing Director, India & Southwest Asia, Sunjae Sharma told PTI in an emailed interview. "We are enthusiastic about our expansion plans in India. With our strong pipeline and strategic growth initiatives, we are confident that we will achieve the milestone of 100 hotels within the next 5-6 years," he said. Sharma said, "This ambitious target is driven by the flourishing travel and hospitality industry in India, the growing demand for high-quality hospitality, and the strong connection our brand has with discerning travellers." He was responding to a query on how many properties and ..

Weak China demand slows Holiday Inn owner IHG's revenue growth in Q3

IHG's licensing agreement with The Venetian Resort and The Palazzo in Las Vegas will end on Jan. 1, 2025, removing 7,092 rooms or about 0.7 per cent of its system from its portfolio, the owner of the

IPO-bound Oyo rejigs its top leadership team with five elevations

Sonal Sinha, who joined Oyo in 2015, will be responsible for overseeing Oyo's international business operations, revenue, and spearheading strategic initiatives across the US

SAMHI Hotels to acquire Innmar Tourism for enterprise value of Rs 205 cr

Innmar Tourism and Hotels, incorporated in October 2003, had a turnover of Rs 24.76 crore in FY24

Greenfield boom: Hotel investments in India return to pre-pandemic high

Return to pre-pandemic levels; Indore, Kanpur, Bhubaneswar among cities witnessing rise in demand for such projects

Strong prospects, valuations to drive gains for hotel companies' stocks

Occupancy may improve by up to 5 per cent, with the average room rate growing at 7-8 per cent over three years

Indian Hotels stock soars 8% on heavy volumes on healthy growth outlook

The average trading volumes at the counter jumped over eight-fold, with a combined 18.6 million shares representing 1.3% of total equity of IHCL changing hands on the NSE and BSE till 01:45 PM.

Budget 2024: Hospitality sector seeks infra status, single window clearance

Budget 2024: Industry leaders have urged Union Finance Minister Nirmala Sitharaman to accord infrastructure status for hotels across all categories built at a project cost of Rs 10 crore and above

Ahead of Budget, hospitality players demand infra status for hotels

Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation. "The sector is burdened with high taxation, expensive and multifarious licences, approvals and compliances. Hotels are capital intensive with a long gestation period. Cost of operating hotels is high and largely fixed. This makes investments in hotels risky. There is a need to make hotel investments more attractive with an improved rate of investment and to .

FHRAI seeks infra status for hotels, convention centres across categories

Federation of Hotel and Restaurant Associations of India has asked the government to grant infrastructure status for hotels across all categories and convention centres built at a project cost of Rs 10 crore and above to give a fillip to budget segment in the hotel industry. In its pre-budget recommendation, the Federation of Hotel and Restaurant Associations of India (FHRAI) also sought GST rationalisation proposing a 12 per cent GST rate across all hotels. "Granting infrastructure status to hotels and convention centres across all cities is crucial for attracting investments and accelerating growth in the hospitality sector," FHRAI President Pradeep Shetty said in a statement. FHRAI said one of the key requests put forward by the hospitality federation to the Finance Ministry was to "grant infrastructure status for hotels across all categories and convention centres built at a project cost of Rs 10 crore and above to give fillip to the budget segment in the hotel industry." Besid

Trade bodies ask Rajasthan govt to focus on ease of doing business

Suggestions were presented by the Hotel Association of Rajasthan to make the state a global tourism destination by 2047

At Rs 100 crore, OYO posts FY24 as maiden profitable fiscal: Ritesh Agarwal

Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder Ritesh Agarwal said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel an

Oyo eyes equity from private investors at valuation of up to $4 bn: Founder

Private investors have approached travel tech platform OYO and it may raise equity at a valuation of up to USD 4 billion, Founder Ritesh Agarwal told employees in a townhall on Wednesday, sources said. The IPO-bound firm, backed by Softbank, had its maiden net profitable year, posting a profit after tax (PAT) of Rs 99.6 crore (USD 12 million) in the 2023-24 financial year. It also reported an adjusted EBITDA of Rs 888 crore (USD 107 million) for the full fiscal year, up from Rs 274 crore (USD 33 million) in FY23, sources said, citing a presentation shared in the townhall. Oravel Stays Ltd, the operator of the travel-tech company OYO, will refile its initial public offering (IPO) documents with the Securities and Exchange Board of India (Sebi) after the refinancing of its USD 450 million Term Loan B (TLB) at a lower interest rate, PTI reported last week. "OYO has also been approached by friendly investors and may do a small equity round at a USD 3-4 bn valuation, or at Rs 38-45 per

Hotel industry clocks 11% revenue growth per room during Jan-Mar: Report

India's hotel industry saw strong demand at both business and leisure destinations during the January-March period this year leading to an 11 per cent annual rise in revenue per available room, according to JLL. In a statement on Wednesday, real estate consultant JLL India said that the hospitality sector saw an increase in Average Daily Rate (ADR) of 8.5 per cent year-on-year, resulting in a revenue per available room (RevPAR) growth of 11.4 per cent. Chennai recorded the strongest growth in RevPAR at 21.7 per cent in January-March. "Major factors contributing to this growth included an increase in corporate travel, weddings, and Meetings, Incentives, Conferences and Exhibitions (MICE) demand," the consultant said. During the first quarter of 2024, there was a robust demand for hotel rooms in both business and leisure destinations. The occupancy levels in key business markets were strong, averaging around 70 per cent, and supported by significant growth in average daily occupancy