IHCL, in collaboration with GMR Goa International Airport Limited, is set to unveil a 300-room Ginger hotel at Manohar International Airport, Goa, under a 60-year sub-license agreement. Scheduled for launch in 2027, this initiative aligns with IHCL's strategic plan to expand its presence in key transit hubs. The upcoming hotel, under IHCL's third large-format 'Ginger' property at an international airport, aims to meet the escalating demand from travelers while enhancing Goa's appeal as a premier tourist destination.Read more

After seven years, the iconic Eros Cinema in Mumbai has reopened as a cutting-edge 305-seater IMAX theatre. The cinema, which was originally commissioned in 1935 and created by architect Sohrabji Bhedwar, was meticulously restored under the supervision of conservation architect Kirtida Unwalla. The renovated cinema preserves its famous Art Deco facade and interior aesthetics while combining old-world charm with modern facilities. PVR Inox will manage the facility. The reopening symbolises an important cultural comeback for Mumbai by providing moviegoers with a one-of-a-kind film experience in a beloved architectural jewel.Read more

Lemon Tree Hotels, led by Chairman and MD Patanjali Keswani, plans to open 30 new properties in India and abroad, adding over 2,000 rooms. The expansion includes a resort in Bhutan and 3 to 4 hotels in Nepal. Last year, they launched 14 hotels, including India's largest. With a focus on tier-1 to tier-3 cities and leisure destinations, they aim to expand their Aurika Hotels & Resorts brand. With strong financial performance, revenue of INR 289 crore and a profit of INR 44 crore, Lemon Tree eyes further growth through conversions, targeting 10,000 rooms.Read more

The Indian Hotels Company Limited (IHCL) is poised to exceed its target of 300 hotels in its portfolio ahead of schedule, with plans to achieve this milestone within the next three to four months. Bolstered by a robust financial performance for the quarter ending December 31, 2023, IHCL reported an 18% increase in operating revenue and profit after taxes, attributed to effective asset management and business model innovation. With 85 hotels in development and strong cash reserves, IHCL anticipates sustained growth, particularly in domestic tourism, with a strategic focus on spiritual destinations. Market response to IHCL's Q3FY24 results has been overwhelmingly positive, reflected in a surge in stock price and optimistic outlook for double-digit revenue growth in FY25, underpinned by portfolio expansion and management contracts.Read more

Nexus Select Trust, Blackstone's retail division, is set to acquire a portfolio of three malls spanning 1 million sq ft in Hyderabad from L&T Metro for an estimated value exceeding INR 1,000 crore. The potential deal includes E Galleria, L&T Metro Mall, and Next Galleria Mall. This move follows Nexus Select Trust's strategic expansion in India, having added the Select City Walk mall in New Delhi last year. The retail sector's robust performance in India, marked by a 47% YoY increase in leasing in 2023, aligns with Nexus Select Trust's growth strategy.Read more

The National Company Law Tribunal's Kolkata bench has approved a resolution plan of INR 301 crore, which will allow Shri Ram Multicom to purchase Sarga Hotels. The resolution plan was approved with assistance from main creditors, JC Flowers Asset Reconstruction Company and Rare ARC, despite claims from creditors totaling INR 816 crore. Sarga Hotels, a division of Shristi Infrastructure Development Corporation, had to navigate legal obstacles twice before facing insolvency. For JC Flowers ARC and Rare ARC, the recovery is at 39%. This case emphasizes how complex the creditor relationships, court rulings, and bankruptcy procedures are within the IBC framework.Read more

ITC Hotels, a leading luxury hotel chain in India, is set to launch its first international luxury hotel in Colombo, Sri Lanka, under the subsidiary WelcomHotels Lanka. The property, named ITC Ratnadipa, represents an investment of approximately Rs 3,000 crores and is expected to have 352 rooms. The company plans to inaugurate the hotel within the next two months. Zubin Songadwala, Vice President of Operations (South & East) at ITC Hotels, highlighted the robust pipeline of projects in different geographical locations within India, with the goal of opening 25 hotels in the next two years and reaching a total of 200 hotels over the next five years.Read more

Mahindra Holidays & Resorts India Ltd (MHRIL) is set to invest Rs 800 crore in building three greenfield resorts in Tamil Nadu over the next five to six years, doubling its presence in the state. The resorts aim for net-zero energy, water, and waste, showcasing their commitment to sustainability. This strategic expansion aligns with MHRIL's vision to achieve 10,000 room inventory by 2030 and carbon neutrality by 2040. The project is expected to generate around 1,500 job opportunities, emphasising both economic growth and environmental responsibility.Read more

Oyo, the budget hospitality chain, is set to introduce 400 new hotels in prominent spiritual hubs across India, capitalizing on the increasing interest in spiritual tourism and a surge in domestic travel. The properties will be located in destinations like Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route, aiming to be operational by the end of December. Oyo attributes this expansion to a 350% increase in searches for Ayodhya properties, driven by the opening of the Ram temple. The company plans to strategically position these properties near significant landmarks to facilitate convenient access to religious sites and tourist spots. Oyo has partnered with local authorities to address the rising demand for accommodation in Ayodhya.Read more

From January to September 2023, 35 major retail brands expanded into 14 Tier-II cities, according to a report by CBRE South Asia Pvt. Ltd. Cities such as Chandigarh, Jaipur, Indore, Goa, attracted brands like Croma, Armani Exchange, Malabar Gold & Diamonds, H&M, Marks & Spencer, and Starbucks. The total retail stock in these cities reached 29 million sq. ft. Retail development included a mix of high streets and malls, totalling 2.4 million sq. ft. Key contributors were Chandigarh, Jaipur, and Lucknow. Chandigarh evolved into a prominent retail market, attracting brands like Zara and Uniqlo, while Jaipur experienced growth in Malviya Nagar and M.I. Road. Lucknow's retail market saw robust growth in Gomti Nagar and Hazratganj. Indore, a commercial hub, witnessed growth in AB Road and Central Indore, and Goa, known for tourism, attracted brands like Levi's and Puma, with upcoming supply from the DLF Mall in Panjim.Read more