Khan Market in Delhi has been identified by real estate consultancy firm Cushman & Wakefield as India's priciest retail market, ranking 22nd globally among top main street markets. Despite a minor slip in global standings, the market exhibited a notable 3 percent year-on-year rental growth, maintaining its esteemed position. The report highlights the resilience of Khan Market, showcasing a remarkable 7 percent rental growth from pre-pandemic levels, reaching an annual rent of $217 per square foot. With 16 Indian main streets among the Asia-Pacific region's top 51, the report delves into the evolving dynamics influenced by supply, demand, and premium brands.Read more

Fortune Hotels, an ITC group member, unveiled its latest additions: a brownfield resort in Uthandi, Chennai, and a 100+ room conversion hotel in Hosur, Bangalore. These hotels are set to open in a few months, enhancing Fortune Hotels' portfolio with 64 alliances in 54 Indian cities. Managing Director Mr. Samir MC expressed excitement about the growth potential of the Hosur and Chennai properties. The Fortune Beach Resort ECH Chennai offers aesthetically designed rooms, multiple dining options, banquet facilities, and modern amenities suited for a suitable getaway. Meanwhile, Fortune Hosur, catering to business travellers, is undergoing refurbishment and will feature stylish rooms, dining outlets, a spa, and banquet venues.Read more

The Imperial, a historic hotel in the heart of New Delhi, is undergoing a comprehensive refurbishment led by Louis Sailer, the senior executive vice president. Instead of a conventional renovation, the project focuses on preserving the hotel's historical essence while introducing modern amenities. The refurbishment spans accommodations, food and beverage areas, grounds, wellness facilities, and service philosophies. Notable changes include individualized bar menus, a bespoke Imperial boutique showcasing handcrafted items, and technological upgrades in accommodations. The approach reflects a commitment to retaining the hotel's historic charm while providing guests with a unique, culturally immersive experience.Read more

In response to numerous grievances lodged by resident welfare organizations and citizen groups, the Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action to regulate paying guest accommodations. This initiative addresses concerns voiced by the community, highlighting the transformation of residential neighbourhoods into burgeoning commercial zones due to the increasing prevalence of PG accommodations. The move by the civic body aims to strike a balance between residential and commercial interests, safeguarding the character of local communities amidst a surge in the number of paying guests in the city.Read more

Indian Hotels Company (IHCL), renowned for the Taj brand, is set to expand its affordable brand Ginger hotels with 24 new properties. The expansion responds to robust travel demand, targeting cities like Agra, Ahmedabad, and Goa. IHCL plans to enhance Ginger's footprint from 40 to 60 cities, adding 10 hotels annually. Post expansion, Ginger would have 86 hotels driven by a lease model spanning 10-30 years. Despite a decrease in net revenue, Ginger's enterprise revenue surged to INR 360 crores in FY23. The hotel chain remains focused on domestic growth, excluding international ventures as of now.Read more

The Sahara Group is embroiled in a protracted legal battle, primarily centred around its Aamby Valley City, a sprawling property near Mumbai and Pune. The legal disputes stem from financial complexities involving Optionally Fully Convertible Bonds (OFCBs) and resulted in the Supreme Court's intervention, leading to attempts to auction Aamby Valley. However, numerous hurdles, including title issues, complicated the liquidation process. The Bombay High Court is currently the focal point for resolution. Despite these challenges, Sahara Group asserts control over its real estate assets, emphasizing its commitment to navigate legal complexities and safeguard its valuable holdings.Read more

IHG Hotels & Resorts, a leading global hotel company, has inked a management agreement with NK Sharma Hospitality Pvt Ltd for the development of two new hotels in the Chandigarh tri-city area - Crowne Plaza Chandigarh Zirakpur in the premium segment with 150 keys and Holiday Inn & Suites Chandigarh Zirakpur from the essentials collection with 200 keys. The hotels are set to open in January 2027 and are strategically located adjacent to National Highway 22 for easy accessibility. The hotels will offer extensive banqueting facilities with approximately 100,000 sq ft of meeting space, poised to cater to weddings, conferences, and events. Guests of both hotels will enjoy benefits from IHG’s loyalty program - IHG One Rewards.Read more

The Hindujas, renowned for their diverse business ventures, made a significant mark in hospitality with the acquisition and transformation of the OWO (old war office) building into the prestigious Raffles Hotel. Their strategic vision and commitment to preserving heritage led to a meticulous seven-year project resulting in a luxurious blend of heritage and modernity. While not aggressively expanding, the Hindujas remain open to unique opportunities globally, emphasizing quality and distinctiveness. Sanjay Hinduja and Shalini Hinduja's hands-on approach underscores the family's dedication to unparalleled luxury experiences, positioning them as pioneers in the hospitality industry.Read more

Beauty and wellness giant VLCC is set to invest approximately Rs 100 crore in revamping existing clinics and expanding its outlets, focusing on both physical and e-commerce channels. The company, boosted by a strong financial performance, has witnessed over 100% growth in customer acquisition. With recent acquisitions like men's grooming brand Ustraa and a strategic investment by Carlyle, VLCC aims to strengthen its position in the beauty and personal care sector, betting on sustained growth and product innovation. The company is open to additional inorganic growth opportunities, eyeing a diverse and dynamic market.Read more

Over the past three decades, Mumbai's Bandra-Kurla Complex (BKC) has undergone a remarkable transformation from an empty marshland into one of the city's most coveted commercial districts. BKC has evolved into a thriving hub for offices, retail, food, entertainment, and luxury living. Notable brands like Apple, Louis Vuitton, Gucci, and others have established their presence in BKC, contributing to its status as a prime location. The area has become more than a business district, offering amenities like restaurants, bars, multiplexes, high-end residential projects, cultural centres, hospitals, schools, and five-star hotels. BKC stands as a symbol of Mumbai's dynamic urban progress.Read more