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OYO has acquired the Motel 6 and Studio 6 brands from Blackstone Real Estate for USD 525 million, adding 1,500 franchised hotels across the U.S. and Canada to its portfolio. This strategic move is projected to boost OYO's EBITDA to over INR 2,000 crore (USD 240 million) in FY 2025-26, with Motel 6 contributing INR 630 crore (USD 76 million). The combined entity is expected to generate a gross booking value of USD 3 billion. OYO first-ever profit after tax in FY 2023-24 signals a strong growth trajectory. By leveraging Motel 6 brand recognition and operational synergies, OYO aims to strengthen its position in North America while enhancing customer experiences through technology and expertise.Read more
ITC Ltd is consolidating its hospitality presence by acquiring additional stakes in Oberoi (EIH) and Leela (HLV) hotels, increasing its shareholding to 16.13% in EIH and 8.11% in HLV. These acquisitions, executed via its subsidiary Russell Credit Ltd., underscore ITC's commitment to the premium hospitality segment. ITC is also demerging its hotel business into a standalone entity, ITC Hotels Ltd., effective January 1, 2025, allowing focused growth in the hospitality sector. Shareholders will receive 60% of ITC Hotels' equity shares, with ITC retaining 40%. The restructuring aims to enhance shareholder value and streamline operations, positioning ITC Hotels for independent expansion in India's luxury hospitality market.Read more
Ventive Hospitality, backed by Blackstone, secured INR 719.55 crore by allotting over 1.11 crore equity shares to 26 anchor investors at INR 643 per share, the upper price band. Esteemed investors, including SBI Life Insurance, Quant Mutual Fund, and Aditya Birla India Fund, participated, reflecting strong confidence in the company's potential. The IPO, targeting INR 1,600 crore, will primarily focus on reducing financial liabilities. Leading firms like Axis Capital and Kotak Mahindra Capital are managing the offering. Positioned for a significant debut, Ventive aims to strengthen its financial footing and accelerate growth in India's hospitality sector.Read more
Traders and shopkeepers in Tirupur staged a district-wide strike against hikes in property tax, 18% GST on commercial properties, and increased electricity tariffs. Around one lakh shops, including textile, grocery, and jewellery stores, closed for the day, supported by 2,000 knitwear firms, resulting in INR 100 crore in business losses and INR 25 crore in lost tax revenue. Protests spanned key areas, with black flags displayed and political parties like AIADMK, BJP, and Left groups showing solidarity. The strike underscores traders' frustrations over rising costs and highlights the economic impact on businesses and government revenue, pressuring policymakers to reconsider.Read more
Rcube Projects Pvt Ltd is investing INR 120 crore in the Rcube Monad Mall in Noida, spanning 2,50,000 sq. ft. with a 60:40 split between retail and family entertainment centres (FEC) and food outlets. Housing 80 brands, including Starbucks, Lifestyle, and MovieMax Edition, the mall expects 90-95% occupancy by March, with footfalls projected at 14,000-16,000 on weekends. An additional INR 80 crore is allocated for a 1,00,000 sq. ft. mall in Pitam Pura, Delhi. Known for its 12% annual growth and metro station projects, Rcube integrates retail, entertainment, and loyalty programs to create vibrant destinations, boosting its commercial real estate presence.Read more
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Ventive Hospitality, a hospitality asset owner, is set to launch its INR 1,600 crore initial public offering (IPO) on December 20, 2024. The IPO, consisting entirely of a fresh issue of equity shares, will remain open until December 24, 2024. The proceeds will primarily be used for debt repayment and investment in subsidiaries. Managed by top-tier book-running lead managers, this IPO represents a significant milestone for Ventive Hospitality, which operates luxury hospitality assets in India and the Maldives.Read more
The retail sector in India witnessed strong growth in the first half of 2024, driven by economic recovery and higher consumer spending, according to the ANAROCK Retail report. Mall vacancy rates improved significantly, dropping to 8.3% from 15.5% in 2021, as demand outpaced supply. Prime malls are operating at near-full capacity, with national and international brands competing for top locations. Apparel, accessories, and F&B sectors led leasing activity, while jewelry and watch stores grew to 6% of leases. Smaller spaces dominated this year, but larger spaces are expected to increase as new retail projects, primarily in NCR, MMR, and Hyderabad, come online. Rising high-street rents reflect the strong demand for premium retail spaces.Read more
The Yamuna Expressway Industrial Development Authority (YEIDA) is preparing to launch a premium hotel plot scheme ahead of the Noida International Airport's inauguration. The scheme offers 12 plots across sectors 28 and 29, catering to high-end hospitality developments such as five-star hotels. The total investment for the 67,800 sqm area across both sectors is around INR 472.2 crore. With the plots located near the Yamuna Expressway, they offer strategic connectivity to the upcoming airport. The e-auction system will ensure a transparent allocation process, accommodating various business entities.Read more
Homestay owners in Chikkamagaluru are urging authorities to classify their properties as non-commercial, similar to Kodagu, and adhere to the Atithi Homestay Scheme guidelines. The Chikkamagaluru Homestay Association highlighted burdensome taxes, inconsistent policies, and the mandatory conversion of land to commercial property, which they claim contradicts the scheme's provisions. Kodagu's recent policies, including capped fees, domestic tariffs for utilities, and exemption from land conversion, have eased financial strain and fostered sustainable tourism. Chikkamagaluru operators demand similar measures to alleviate costs and promote fair treatment. Addressing these grievances could enhance tourism and create equitable opportunities in the region.Read more
Nexus Seawoods, part of Nexus Select Trust and India's first listed Retail REIT, has unveiled AAYAM, Maharashtra's largest cuboid anamorphic screen, transforming in-mall advertising. The 15-foot wide, 9-foot-high screen, located in the mall's central atrium, offers a 360-degree, distortion-free visual experience, enabling brands to deliver immersive content that resonates with consumers. Designed for stability and visibility, AAYAM provides a unique platform for product launches and interactive campaigns, appealing to the tech-savvy audience of Navi Mumbai. This innovative collaboration between Nexus Seawoods and S&O Investments sets a new benchmark in retail advertising, enhancing brand engagement and consumer connection.Read more
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