FORTUNE HOTELS
Brand Storii forays into West Bengal with launch of Storii Devasom Spa & Resort, Kolkata
Speaking on the launch, Ravi Todi, director, South City Group, said the prime location of Storii Kolkata offers the perfect retreat for relaxation and revitalization. "Yet another magnificent development by South City Group. We have chosen ITC Hotels to manage the property given their excellence in hospitality," he added.
ITC Hotels witnessing growing interest among property owners to partner with its brand : ITC Annual Report
ITC Hotels' strategic expansion across diverse segments led to significant revenue growth, surpassing Rs 1000 crore in Segment EBITDA and witnessing a remarkable 39% increase in Segment PBIT.
China's lust for durian is creating fortunes in Southeast Asia
Eric Chan, a former satellite and robot code writer, founded a durian company in Malaysia. China's demand for durian led to a twelvefold increase in exports to $6.7 billion last year.
Hotels up hiring game: About 100,000 jobs likely to be created in 12-18 months
Hotels across segments are ramping up their workforce as they are adding more rooms and entering new markets amid a strong pickup in business and leisure travel. The jobs they are recruiting for are a mix of permanent, temporary and gig, said Balasubramanian A, vice president and head of consumer, hospitality and ecommerce at TeamLease.
Standout midcap stocks to buy on dips: Deven Choksey
Deven Choksey analyzes market trends, emphasizing the impact of railways on capital goods companies' growth. He recommends seizing buying opportunities during price dips and highlights potential stocks for investment. He says: Choksey further says that selectivity, in the corrective market, one should definitely go for buying fresh into the portfolio.
ITC brand Fortune Hotels targets opening a new hotel every month in FY25
Elaborating on the challenges for India's hospitality sector, Samir said economic uncertainties, such as fluctuations in exchange rates, geo-political tensions, and global economic downturns, can impact travel demand and consumer spending, posing challenges for hotels in terms of revenue management, occupancy rates, and profitability.
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Combo of capital heavy & capital light biz to drive operating leverage, margin expansion: Puneet Chhatwal, Indian Hotels
Indian Hotels, led by Puneet Chhatwal, showcases robust growth through strategic new contracts, capital-light models, and diversified top line expansion. The company's focus on operating leverage, digital enhancements, and new business segments sets the stage for continued success in the hospitality sector. He says: Indian Hotels' combination of capital heavy and capital light which is today at 40-60 and could grow to 30-70, 70 in favour of capital light,
ITC exploring hotel business expansion opportunity in Nepal, Sri Lanka, Middle East
Chairman and managing director Sanjiv Puri said ITC is looking to add more than 70 hotels over the next five years in India, mostly through management contracts. Its next greenfield hotel property will open in the coastal city of Puri in Odisha.
ITC Hotels plans to add 70 properties in five years: CEO
ITC Hotels aims to bolster its portfolio to 200 hotels within the next five years, up from the current count of 130, by introducing properties across its brands. This expansion is geared towards seizing opportunities in both business and leisure travel sectors in India.
Summer stocks and lessons on the difference between tactical and long-term investment? 5 companies whose fortunes are dependent on rising temperature
Even when the market was correcting in the month of March one set of stocks which outperformed the market was stocks whose fortunes are linked to how much you sweat due to higher summer temperatures. The reason, first forecast by the IMD about summers was that it would see higher than normal temperatures. Now because sales of air conditioners, air coolers and directly linked to what is the average length of the summer season and secondly what average temperature during those months, the street has figured out that demand for air conditioners and air coolers will see a spike in coming months. Hence the street rushed to buy these stocks. See the returns they have given in the last one month and one week, probably the best. The question is whether these stocks of the companies whose fortunes are dependent on such an unpredictable element of “weather” should be considered as long term investing or just tactical trade, like the one which played out last month or there is more to it ?
Vikram Aggarwal in talks to buy Chennai's Clarion Hotel for Rs 180 crore
Vikram Aggarwal to acquire Clarion Hotel in Chennai for ₹180 crore in June. VVA Hotels Pvt Ltd manages Fortune Select Palms, Radisson Blu. Hotel industry saw ₹3,290 crore transactions in 2023, driven by wedding, MICE demand.
ITC Hotels expands presence in South India, signs Welcomhotel Madikeri
ITC Hotels signs management agreement with Narne Hotels to expand Welcomhotel brand in South India. The 150-key hotel in Madikeri, Karnataka showcases ITC Hotels' expertise in hospitality and regional cuisine. Madikeri offers green valleys, coffee plantations, spice trails, and the rare Neelakurinji flower.
Fundamental Radar: Why is Yatra Online placed well to see a reversal in fortunes?
The Rs 600 crore fundraising through an IPO in India was possibly a game changing event for Yatra, according to JM Financial Institutional Securities, as that helped the management focus entirely on driving growth and market share gains through superior execution.
Hospitality sector prepares to open its doors wider for people who throng religious hotspots
Many mid-size and upscale hotel companies are firming up investments and capacity expansion plans to the tune of Rs 3,500 crore in key holy towns in the next two years, according to data collated by Noesis Capital Advisors, a hotel investing and consulting firm. This translates into over 5,000 new rooms and about 25,000 jobs.
In Ayodhya, homestays emerge as new business opportunity for locals
As Ayodhya prepares for the opening of the Ram temple on January 22, the Uttar Pradesh government is encouraging the development of homestays in the temple town. About 500 operators of homestays, including individuals and hotel groups like Radisson, Taj, and Marriott, anticipate a hospitality boom.
2024: Hospitality sector looks to tap opportunities in underserved Indian market
The hospitality sector in India is optimistic about the potential for growth in the underserved market in 2024, despite challenges such as long-term funding accessibility, high GST rates, talent acquisition, and complex business processes. In 2023, listed hotel companies reported double-digit revenue growth due to domestic demand, recovery in foreign tourist arrivals, and large global events like India's G20 Presidency and men's cricket World Cup.
Fortune Park Hotels on expansion mode; opens sixth facility in Tamil Nadu
Fortune Park Hotels currently has a presence in five other locations in Tamil Nadu including Vellore, Ootacamund, Madurai, Chennai, and Hosur. "The Fortune Park Tiruppur is our sixth milestone in Tamil Nadu. It is exciting to continue our successful stride into tier II and III markets aptly capturing the allure of cities like Tiruppur.." said Fortune Hotels Managing Director Samir MC in a statement.
Strong demand in H2 FY24 to contribute to double-digit revenue growth for hotel industry: ICRA
ICRA, an investment information and credit ratings agency, predicts that the hospitality industry in India will experience double-digit revenue growth in fiscal year 2024. This growth will be driven by domestic leisure travel, demand from meetings and conferences, business travel, and an increase in foreign tourist arrivals. ICRA estimates that premium hotel occupancy will reach 70-72% in 2024, with average room rates expected to be around Rs 6,000-6,200. Additionally, the industry has benefited from events like the G20 summit and the ICC World Cup 2023.
Family office of Gland Pharma's former promoter acquires GBJ Hotels
KP Advisory Services, the family office of the promoter Ravi Penmetsa, acquired the five-star property last week in Coimbatore under the corporate insolvency process, the people cited above said. Lenders unanimously voted for KP Advisory Services' Rs 185-crore plan. The resolution professional (RP) had admitted Rs 196 crore in claims, including trade creditors and banks. The offer from the family office of Gland Pharma’s ex-promoters equates to a recovery of 94% for creditors.
High on hotels: A gold rush starts as businesses find 'room' for growth
The hospitality sector in India is attracting a diverse range of investors, including book publishers, car dealers, and school owners, in addition to industrial groups. The increased interest is driven by the country's growing economy and high demand for hospitality services. Hotel companies are also expanding to meet the surge in demand, while standalone properties in non-metro areas are being acquired by hotel chains. Factors such as the rise of travel as a lifestyle trend, improved infrastructure, and changing social norms are contributing to the long-term growth potential of the hospitality sector in India.
Travel boom, festive cheer open jobs in hospitality
Some 70,000-80,000 jobs (a mix of permanent and temporary roles) are likely to be created as the festive pickup in demand also coincides with the Cricket World Cup, with matches being held in 10 different cities, according to an estimate by staffing company TeamLease.
Brookfield to invest Rs 1,500 crore more in Leela
"Our business in India has a very large real asset component where we can play in multiple categories as Brookfield Asset Management. If I wear my Brookfield hat, we can invest in any type of hospitality play. We can invest in select service, we can invest in mid scale, we can invest in upper upscale besides luxury. We can invest in resorts, we can invest in city hotels, services, and we are evaluating all of these concepts on a regular basis. As far as the Leela business is concerned, it's a real play on luxury, and that will remain the core of that business," Gupta said.
Marriott International anticipating top line revenues exceeding $ 1 billion in India this year
Marriott International has seen a revenue per available room (RevPar) growth of 35% in India in the first half of this year compared to 2019, according to Rajeev Menon, President, Asia Pacific (excluding China) at Marriott International. Menon said the country's hospitality sector is experiencing both demand and margin growth, with people willing to pay more for travel experiences. Marriott is anticipating top-line revenue exceeding $1 billion this year in India. Menon also highlighted the growth potential in secondary and tertiary markets in India and the strong performance of luxury brands in the country.
Hotel brands book into small towns with big potential
Be it Khajjiar in Himachal Pradesh, Kevadia and Vithalapur in Gujarat, or Hoshiarpur in Punjab - many lesser-known locations in India are beginning to get branded star category accommodation options as hoteliers double down on expansion in the country.
Hotels seek to cash in on religious tourism boom
Pilgrimage tourism has rebounded in the nation of multiple faiths after two consecutive years of Covid-induced curbs, prompting hotel companies and service providers to build new and premium facilities at religious sites traditionally known for spartan accommodation.
Why midscale hotel chains are snapping up standalone properties
Travellers often prefer midscale hotels as they offer a balance between affordability and quality, says Chander Baljee, CMD, Royal Orchid Hotels. Royal Orchid Hotels converted 11 standalone properties in 2022.
Fortune Park Hotels to add 15 new properties in next 2.5 years: MD Samir MC
Given the fact Fortune Park Hotels is a "hardcore Indian company", Samir said it understands the Indian consumers, their expectations and the behaviours very well, besides the cultural elements across different parts of the country.
Hotels to roll out the welcome mat, cash in on G20 presidency
Vikramjit Singh, president at Lemon Tree Hotels, said as an immediate impact of India holding the G20 presidency, there has been a spike in demand for rooms across the markets of Delhi, Bengaluru, Mumbai, Punjab, Guwahati, Chennai, Chandigarh, Aurangabad, Indore, Jaipur, Lucknow, Kolkata, Pune, Surat, Udaipur, Gangtok and Hyderabad.
Fortune Park growing upwards of 20% over 2019-20 numbers, has a pipeline of 17 hotels in 14 new locations: MD Samir MC
“After the third wave, the recovery started off mainly in the tier two tier three markets, and as we got fully into this financial year, we started seeing that recovery in the key cities or the metros as well. This year has been fairly good so far. If we compare it to 2019-20, I would say we are upwards of 20% in terms of revenue growth over 2019-20 numbers in the first few months of the year,” he said.
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