OCCUPANCY
Heatwaves burn a hole in hotels' revenue growth
Heatwave conditions and the seasonality of the hotel business impacted revenue growth in May 2024, with average revenue per available room growing only 2-3% year-on-year. Despite air passenger traffic rising 4.4%, occupancy rates remained flat at 60%. High temperatures affected leisure destinations, while business hotel demand recovered in major cities. Analysts expect similar trends in June and muted booking growth for the quarter.
Expect improvement in occupancy vis-a-vis the previous year from Q2: Patanjali G Keswani, Lemon Tree Hotels
While you can say that in spite of heat it was decent performance, I am looking at trend lines and I expect the catch up will happen really from Q2 when there will be improvements vis-a-vis the previous year in occupancy.
Govt pulls up Amazon for labour law violations in Manesar warehouse case
The union labour ministry in New Delhi criticized Amazon for inadequate occupational safety and working conditions at its Manesar warehouse. Labour secretary Sumita Dawra met with Amazon officials to address issues related to facilities like utilities and restrooms. The ministry found violations of labour laws impacting welfare and productivity of workers, leading to unrest among the workforce.
OC must for possession letter: CREDAI wants UP RERA to reconsider order
In a statement on June 8, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) said it was mandatory for promoters to receive OC (occupancy certificate/ completion certificate) of a project, before offering possession letters to allottees. According to UP RERA, this was done "to prevent arbitrariness" being done by the promoters through the offer of possession letters sent to flat buyers and to eliminate the disputes arising between them due to this.
Corporate travel sees a drop amid extreme weather, election heat
The industry expects corporate travel to pick up soon, with the arrival of monsoon rains, schools opening, and work life getting back to normal after the elections.
Israel cannot force its choices on Hamas, group's leader says
Hamas leader Ismail Haniyeh, in response to an Israeli offensive in Gaza, stated that Israel cannot impose its choices on the group and any deal must ensure security for Palestinians . Israeli forces rescued four hostages in al-Nuseirat, while Hamas vowed to continue resisting Israeli aggression. The health ministry reported at least 55 Palestinians killed and many wounded in the attacks.
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Delhi hotels to get busy with post-poll activity
Bookings in key hotels in Delhi are rising due to political activities involving key ministers, new MPs, and the swearing-in ceremony of the new government.
Key Delhi hotels see an uptick in bookings post election results
Hoteliers said they expect bookings to pick up further in the coming weeks with corporates also looking to plan trips after ministerial allocations. Tarun Thakral, chief operating officer of the Le Meridien hotel, noted a surge in bookings since Wednesday due to the hotel's central location near the Parliament and government ministries. He mentioned that they are currently at 70-80% occupancy and could reach up to 90% soon.
Holiday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. Luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down.
Planning to invest Rs 3,000 crores to add 2,000 beds in 3 years: Suneeta Reddy, Apollo Hospitals
Let us look at both ARPOB, it is over 59,000, it is about Rs 59,0330. We have seen an increase in ARPOB of around 12%, but more importantly just going forward, this is because of a better case mix and price, but definitely improved case mix. With regard to volumes, inpatient volumes grew by 6%, outpatient volumes grew by 9%. And our ARPOB is net of doctors’ fees.
Moving car catches fire in Thane, 11 escape unharmed
A multi-purpose utility vehicle (MUV) carrying eleven individuals, including five children, caught fire in Thane, Maharashtra. The driver noticed the fire while and managed to bring the vehicle to a stop. All occupants escaped unharmed before the vehicle was engulfed in flames near Viviana Mall on the Eastern Expressway. Firefighters extinguished the fire within half an hour, but the MUV was destroyed.
Park Hotels consolidated EBITDA margin for FY24 was 35% and is going to go up further: Vijay Dewan
Apeejay Surrendra Park Hotels, led by MD Vijay Dewan, reported a consolidated EBITDA margin of 35% for the past year, with plans for further improvement through efficiency measures and hotel upgrades. He says going forward, the EBITDA margins are going to further improve and a significant improvement in PAT in the coming year is expected as well.
NDR InvIT reported a net profit of Rs 18.4 crore for FY2024
NDR InvIT Trust, India's first perpetual warehousing and industrial Parks InvIT, reports a net profit of Rs 18.4 crore for FY 2024, with net revenue reaching Rs 42.7 crore. Plans to add three million sq ft while maintaining healthy metrics and AAA rating.
Max Healthcare net profit growth down due to higher taxes: Abhay Soi
Abhay Soi, MD & CEO of Max Healthcare, discusses the impact of higher taxes on profitability, emphasizing the shift from EBITDA to free cash flow. He highlights the growth in revenues and EBITDA but a decline in net profit, attributing it to increased tax payments.
Steep H-1B fee hike to burn a big hole in IT companies pockets
The steep hike in US H-1B visa fees could spell bad news for Indian IT service providers and dent their pockets significantly, experts and industry insiders have warned.
Max Healthcare Q4 Results: Net profit drops 3% YoY to Rs 311 crore
Max Healthcare's Q4FY24 net profit dips 3% YoY to Rs 311 crore, attributed to lower effective tax rate in Q4FY23 and new unit losses. Gross revenue rises 15% YoY to Rs 1,890 crore.
Hotel industry clocks 11 pc annual growth in revenue per available room during Jan-Mar: Report
India's hotel industry saw an 11% rise in revenue per available room in Q1 2024, with Chennai leading at 21.7%. The growth was driven by an 8.5% rise in Average Daily Rate, fueled by corporate travel, weddings, and MICE demand.
Nexus REIT in talks to buy Marina Mall in Chennai
Nexus Select Trust in talks to acquire The Marina Mall in Chennai, developing a diverse portfolio with Grade-A malls in Hyderabad. Plans to double assets to 20M sq ft in 5 years, reflecting India's retail growth and mall consumption surge.
Israeli army raids West Bank's Jenin, Palestinians say seven killed
Israeli forces raided Jenin in the occupied West Bank, killing seven Palestinians, including a doctor, and injuring nine others. The operation targeted militants, with several Palestinian gunmen shot, according to the Israeli army. No Israeli casualties were reported. The raid highlights ongoing tensions in the West Bank, a territory seized by Israel in 1967 that Palestinians seek for a future state. U.S.-brokered talks on a two-state solution have been stalled since 2014.
112th International Labour Conference: India and other countries to come up with legal framework on bio hazards
The International Labour Organisation will introduce a legal framework to protect the global workforce from biological hazards, emphasizing the impact of Covid-19. India and 186 other countries will discuss this at the 112th International Labour Conference in Geneva, focusing on standalone legislation, occupational safety, health, and national policies for prevention and protection.
DLF rental arm DCCDL's office rental income rises 7% to Rs 3,460 cr in FY24
DLF's joint venture with DCCDL saw a 7% rise in rental income from office buildings to Rs 3,460 crore in the last fiscal, driven by rent appreciation and asset portfolio expansion. The rental business, holding a majority stake, demonstrated healthy occupancy levels and low vacancies. With sustained growth in rentals and service income, DCCDL reported a 9% increase in consolidated revenue and an 18% rise in net profit.
Colonial Q1 Results: Net profit doubles on inflation-linked contracts, high occupancy
Its portfolio, which includes buildings in Spain and France, rose 6% in like-for-like rental income as lease contracts were adjusted upwards due to high inflation.
Restaurants, food aggregators see record business on Mothers' Day
As compared to last year, restaurants saw families in larger packs, which, in turn, boosted the overall cover charges
TB outbreak in California's Long Beach: 1 dead, 170 likely to be exposed
Tuberculosis (TB) is a bacterial infection primarily caused by Mycobacterium tuberculosis.
Nexus Select leases 1.1 million sq ft retail space in FY24, records highest occupancy
Blackstone-backed Nexus Select Trust, India’s first listed retail REIT, achieved a record 97.6% occupancy in FY 2023-24. The trust is set to acquire three Hyderabad malls, financing through debt, aiming for asset portfolio growth.
Railway minister contradicts Kerala Cong's claim, says Vande Bharat's occupancy is 98 per cent
Ashwini Vaishnaw challenges Kerala Congress's 50% Vande Bharat occupancy claim, proving it's 98%. IRCTC data analysis shows economic disparities in access. Vande Bharat's popularity is evident with over two crore travelers by March 31 this year.
25 arrested at University of Virginia after police clash with pro-Palestinian protesters
In Virginia, student demonstrators began their protest on a lawn outside the school chapel Tuesday. On Saturday, video from WVAW-TV showed police wearing heavy gear and holding shields lined up on the campus in Charlottesville. Protesters chanted "Free Palestine," and university police said on the social platform X that an "unlawful assembly" had been declared in the area.
Go Goa! Hospitality players can't have enough of India's favourite holiday destination
As per estimates shared by JLL Hotels & Hospitality Group, India with ET, in 2023, branded hotel openings in Goa recorded an uptick of over 120% and 270% in total number of keys as compared to 2022 and 2019 respectively whereas branded hotel signings in 2023 displayed a 40% growth over 2022
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