K Hospitality Corp, a player in India's food services industry, plans to raise INR 2,500-3,000 crore through an IPO early next year, targeting a valuation between INR 8,000 and INR 10,000 crore. The company, known for brands like Copper Chimney and The Irish House, aims to use the funds for expansion, debt reduction, and market visibility. Partnering with Kotak Mahindra Capital and ICICI Securities, K Hospitality's IPO reflects confidence in its growth potential amidst rising consumer demand in the hospitality sector.Read more

New Delhi-based grocery startup The New Shop is in advanced talks to acquire the 24Seven retail chain from Godfrey Phillips India for a strategic rebranding and expansion. The acquisition follows a court verdict allowing Godfrey Phillips to exit its unprofitable retail segment. Established in 2019, The New Shop operates 160 stores across 35 cities with a 24-hour model. 24Seven, which once boasted 130 outlets, has struggled with performance issues, reporting INR 403 crore in FY24 revenue. If finalized, the deal will integrate 24Seven's locations into The New Shop's omnichannel network, enhancing their market presence.Read more

Indian cricket captain Rohit Sharma is entering the food industry by partnering with True Elements to launch "RS by True Elements," a new brand offering healthy breakfast options and snacks. As the brand ambassador, Sharma will play a vital role in product development and marketing, with RISE Worldwide managing the collaboration. True Elements, known for its commitment to transparency and healthy foods, aims to provide nutritious, easy-to-understand products. Co-Founder and CEO Puru Gupta emphasized that this is the first time a cricketer has licensed a health food brand in India. The RS line will be available by August 2024, with a marketing campaign to follow. This partnership highlights the growing trend toward health-conscious eating in India.Read more

SAMHI Hotels Limited has announced its financial results for Q1 FY24, with revenue reaching INR 2,568 million and EBITDA at INR 934 million. The company reported a 13% year-on-year increase in Revenue per Available Room (RevPAR), reflecting a robust recovery in the hospitality sector. The successful integration of ACIC Hotels has boosted profit margins by 520 basis points. SAMHI is focusing on financial stability and expansion, with plans to open new hotels and rebrand existing ones. The growth strategy aims to capitalize on rising travel demand and enhance market presence in India's expanding hospitality industry.Read more

The Delhi High Court intervenes in a dispute between PVR INOX and Ansal Plaza Mall, Greater Noida, following the sealing of PVR INOX's multiplex due to unpaid dues by the mall's lessor. PVR INOX claims significant losses from the closure on July 23, 2022, and seeks INR 4.5 crore, covering its security deposit and lost revenue. Justice C. Hari Shankar appointed an arbitrator to resolve the issue, underscoring the court's role in commercial dispute resolution and the broader implications for lease agreements in India's retail and entertainment sectors.Read more

Atmosphere Living, based in Dubai, has committed INR 550 crore to develop villas and a hotel in Mussoorie and plans further projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with international expansion goals. CEO Sandeep Ahuja highlighted that INR 150 crore has already been invested in the 11.5-acre Mussoorie project, featuring a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences. The company, part of Atmosphere Core, offers an option for investors to lease homes back for rental income. Atmosphere Living aims to redefine the second home market with high-end, well-managed properties across South Asia.Read more

Elan Group has teamed up with global real estate leader CBRE to manage its four malls in Gurugram: Elan Epic, Elan Town Centre, Elan Miracle, and Elan Mercado. This INR 7.5 crore annual contract aims to enhance customer experiences and operational efficiency. CBRE will bring its expertise in property management to optimise mall operations, implement best practices, and drive tenant satisfaction. Elan Group's Senior VP, Pooja Patti, expressed excitement about the partnership, while CBRE's Rajesh Pandit highlighted the importance of professional facility management in maintaining the value and appeal of real estate assets.Read more

Shoppers Stop Ltd. reported a net loss of INR 22.72 crore for the June 2024 quarter, attributed to weakened consumer spending amid heat waves, elections, and inflation. This loss underscores broader challenges for the Indian retail sector, impacting real estate dynamics. Retail chains' struggles may lead to increased vacancies and rental concessions in malls and high-street locations. Shoppers Stop's strategy to close underperforming stores and focus on premiumization could shift demand towards high-traffic, affluent areas, impacting real estate needs. This situation prompts landlords and retailers to adapt to evolving consumer preferences and market conditions.Read more

Vivek Biyani, along with actor Rana Daggubati, Apurva Salarpuria of the Salarpuria Group, and Anuj Kejriwal of Anarock, are launching Broadway, a new retail chain that bridges the gap between online direct-to-consumer (D2C) brands and physical retail. Broadway stores will feature over 100 Indian D2C brands and aims to create a unique shopping experience with interactive zones and community spaces. The first store will open in Delhi this August, with plans for Hyderabad and Mumbai in 2024 and 2025. Broadway aims to redefine the retail landscape in India.Read more

The Union Government has increased the annual ground rent for land leased to several major five-star hotels in New Delhi to crores of rupees. The Imperial and Claridges hotels are fighting the verdict in the Delhi High Court. The Land and Development Office (L&DO) issued demand notices for INR 177.29 crore for The Imperial and INR 69.37 crore for The Claridges, calculated at a 5% rate of the property value. Both hotels argue that the adjustments are arbitrary and retrospective. The court has ordered hearings before finalising the ground rent, with additional hearings set for July.Read more