PNT Reporter

Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.Read more

PNT Reporter

Reliance Brands Limited has bought LensCrafters' India business from DLF Brands, adding to its eyewear portfolio ahead of its IPO. LensCrafters, which is recognized for its prescription eyewear, entered India in 2020 and operates largely in the United States of America. This is Reliance's second relationship with Luxottica-owned eyewear businesses, following the acquisition of Sunglass Hut in 2022. With a focus on increasing its retail services, Reliance hopes to capitalise on India's booming consumer market and improve its position as a retail industry leader, paving the way for further growth and innovation.Read more

Oravel Stays, the parent company of hospitality unicorn OYO, plans to launch the first Palette hotel in Morbi, Gujarat - the ceramic hub of India. The 48-room hotel aims to cater to the business travelers needs in the region that is home to 90% of India's tile production with an annual turnover of about INR 50,000 crore. Oravel Stays had first piloted 10 Palette hotels in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru last year and now plans to take direct operational control of select properties in high-growth locations. Once completed, it will have 23 Palette hotels in total, operating on a self-managed model similar to OYO hotels. This marks the restart of OYO's self-operated business that was discontinued in 2020.Read more

The NCLT rejects Express Group's revival plan for Neesa Leisure Ltd, dismissing the proposal due to flaws in transparency and fairness. Despite creditor approval, the plan favored secured over unsecured creditors, overlooking claims on disputed assets. Now, creditors must regroup to devise a revised strategy. The decision reflects broader trends in the hospitality sector, where strategic buyers and investors are eyeing distressed assets. With over 7,000 companies undergoing resolution, including 146 from hospitality, the sector faces challenges and opportunities for restructuring amidst economic uncertainties.Read more

Accor, a French hospitality giant operating brands like Ibis and Pullman, aims to open a hotel weekly in Asia this year due to rising demand. The company, focusing on core brands like Novotel, Pullman, and Ibis, plans significant expansion, including notable signings like the Fairmont Agra and Novotel Bengaluru Airport. With India's aviation sector booming, Accor remains optimistic despite high room rates. Accor, encouraged by hospitality growth, particularly in emerging markets like India and Indonesia, observes increased developer interest in hotel construction. Last year, it signed 65 hotels in Asia, with plans for further expansion, reflecting the region's promising hospitality industry outlook.Read more

Santoni, the renowned Italian bespoke shoe company, is set to expand its presence in India with two new luxury boutiques planned for Mumbai and Hyderabad by 2026. Spearheaded by Luxerati Retail Pvt. Ltd, Santoni's partner in India, this expansion initiative involves an investment of approximately 15 crore. With a growing luxury market in India, Santoni's strategic move reflects confidence in the country's potential and aligns with the increasing demand for high-end footwear.Read more

7-Eleven achieves a significant milestone with 50 stores in India and ambitious plans for further expansion into diverse urban centres, aiming to double its store count within the next couple of years. The recent inauguration of its 50th store in Pune signifies a pivotal moment in 7-Eleven India's journey. With a diverse array of products appealing to India's youthful demographic, including daily essentials and fresh food items, 7-Eleven aims to become the preferred convenience destination. Despite local competition, the modern convenience store format is gaining traction in India. Originating in Dallas in 1927, 7-Eleven entered the Indian market in 2019 and continues its expansion through strategic partnerships. This expansion reflects 7-Eleven's commitment to providing unparalleled convenience and value to consumers while contributing to the evolving landscape of convenience retail in India.Read more

Following the withdrawal of international hospitality brands from Russia due to the Ukrainian conflict, top luxury hotels in the country are seeking partnerships with leading Indian hospitality firms. Russian officials have approached Indian Hotels Co. Ltd (IHCL) and East India Hotels (EIH) to operate these properties, which were once managed by renowned international brands like Ritz Carlton and Four Seasons. With Western chains leaving Russia, there's a void in management expertise, prompting the need for new operators. Lemon Tree Hotels and Sarovar Hotels & Resorts have shown interest, while Moscow continues to promote tourism to Indian travelers. This collaboration presents an opportunity for Indian companies to expand into the Russian hospitality market, offering mutual benefits for both parties.Read more

IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.Read more

Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets.Read more