Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel.Read more

Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape.Read more

Saya Group, a renowned real estate player, announces a strategic collaboration with global multiplex giant Cinepolis to introduce cutting-edge 5-screen multiplexes in its flagship commercial projects, Saya Status and Saya South X. Saya Status, India's tallest mall, spans 1.4 million sq. ft., offering a futuristic design and possession in early 2025. Meanwhile, Saya South X in Greater Noida West is nearing completion and poised to become the retail hub of the region. This partnership aims to elevate the entertainment and commercial potential of both projects, aligning with Saya Group's commitment to quality and comprehensive space development.Read more

Terra Grande Sirmaur, nestled in Himachal Pradesh's hills, epitomises luxury and tranquillity for those seeking upscale holiday homes in the Himalayas. The project, a part of Eldeco Group, offers exclusive villas in a serene hillside locale, blending modern living with natural beauty. With low-density, secure designs and a host of amenities, it promises a harmonious second home experience. Amidst a growing trend for holiday residences, Terra Grande redefines luxury hillside living, hinting at a future of sophisticated dwellings in sync with nature's abundance.Read more

In 2023, IHG Hotels and Resorts, a global hospitality leader, experienced a remarkable rebound, surpassing pre-pandemic levels and witnessing extraordinary growth in the tourism industry. The company, managing renowned brands like Holiday Inn, Intercontinental, and Six Senses, marked the launch of its premium lifestyle brand Voco and secured 15 new deals during the year. Sudeep Jain, IHG Hotels & Resorts Southwest Asia managing director, highlighted the industry's expansion as a key factor behind the success, citing increased occupancy rates and room rates. With plans to add 45 hotels in the next three to five years, including luxury brands Regent and Kimpton, IHG anticipates continued growth in the Indian market.Read more

The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Appu Hotels' existing promoters, restoring the Board of Directors' powers suspended during a takeover bid by MGM Healthcare's Managing Director M K Rajagopalan. Acceptance of the settlement proposal by Appu Hotels' promoter, Palani G Periasamy, led to the withdrawal of the resolution process, reinstating AHL's original board and control over assets. The decision allows the full-scale operation of Hotel Le Royal Meridien in Chennai, marking a significant step forward. The tribunal's approval of the Rs. 595 crore settlement sets a rare precedent for complete debt resolution, offering hope for industries navigating financial distress under the Insolvency and Bankruptcy Code.Read more

Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.Read more

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to auction land for hotels near the upcoming Noida International Airport in Jewar. An e-auction is scheduled for December 22 which will offer three commercial plots in Sector 28, adjacent to the airport and the Yamuna Expressway. These strategically located plots aim to attract big players. Big entities like the ITC Group have already expressed interest. With applications accepted until December 14, the auction anticipates a minimum revenue of Rs 108 crore. Successful bidders will secure 90-year leases for constructing multi-storey hotels, pending clearance for structures exceeding 24 meters in height from the Airports Authority of India.Read more

ICRA projects a 14-15% growth in retail trading values for FY2024 and a 10-12% rise in FY2025, buoyed by robust consumer demand. Mall operators are expected to witness a 9-10% YoY growth in rental income for FY2024 and 8-9% in FY2025, fuelled by healthy occupancy rates and rental escalations. H1 FY2024 already saw an 8.4% YoY increase in rental income. The rebound in footfalls and trading values from FY2023 persists into H1 FY2024, with ICRA anticipating continued growth. The Indian retail sector, particularly malls, shows resilience and recovery supported by increased household spending and positive consumer sentiment.Read more

The Leela Palaces, Hotels and Resorts has ventured into Northeast India with the signing of a management agreement for Leela Sikkim, a 140-room luxury hotel set to open in December 2026. Located near Gangtok Hill, the resort, owned by the SIBIN Group, aims to redefine hospitality in the region with its Himalayan backdrop, innovative design, and signature services. Featuring independent villas, wellness facilities, diverse dining options, and a casino, Leela Sikkim promises an authentic experience, showcasing the cultural richness and natural beauty of this unexplored Himalayan destination. The expansion aligns with The Leela's strategy to grow in key leisure destinations across India.Read more