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      ‘Prime AAA locations will remain central to our strategy’: JB Singh, President and CEO, InterGlobe Hotels

      April 3, 2025

      Breaking Barriers and Leading with Excellence: Women in Hospitality

      March 7, 2025

      Indian Hospitality Industry Poised for Continued Growth in 2025

      January 15, 2025

      ‘India’s non-metro cities are at the heart of the country’s hospitality growth, offering immense potential and untapped opportunities’

      October 8, 2024

      ‘We’re not just hosting events but also shaping Hyderabad’s reputation as India’s top MICE destination’ : Rubin Cherian

      April 21, 2025

      ‘Hotels blending local charm with sustainability to lead next phase’ : Jitendra Taak

      April 4, 2025

      Timbertales Coorg Aims to Become South India’s Top Luxury Resort

      March 6, 2025

      ‘We aim to expand our portfolio to 3,500 keys by 2035’

      March 4, 2025

      Luxury Whisky brand The Dalmore targets India’s growing market for single malts

      May 6, 2025

      ‘We’re not just hosting events but also shaping Hyderabad’s reputation as India’s top MICE destination’ : Rubin Cherian

      April 21, 2025

      ‘India plans to double foreign tourist arrivals to 25 million in the next five years’

      April 14, 2025

      ‘Prime AAA locations will remain central to our strategy’: JB Singh, President and CEO, InterGlobe Hotels

      April 3, 2025

      Culinary Art India 2025: A Celebration of India’s Evolving Hospitality Landscape

      March 7, 2025

      ProWine Mumbai 2024: A Toast to Excellence in Wine and Spirits

      December 4, 2024

      7th AHP Hospitality Excellence Awards Celebrating Innovation, Diversity, and the Future of Hospitality

      July 26, 2024

      IHC-IIHM International Hospitality Day Awards celebrates the Glamorous Hospitality Industry of Mumbai

      July 5, 2024

      ‘Guests today seek an overall experience rather than just good food or stay‘: Chef Satyakumar GV, Executive Chef, Sheraton Hyderabad Hotel

      January 28, 2025

      Young Chefs from 50 Nations to Compete at 11th International Chef Olympiad, Feb 2-8, 2025

      January 28, 2025

      IIHM and IHC Celebrates International Hospitality Day 2024

      April 29, 2024

      Food Trends Predictions for 2024

      November 24, 2023

      ‘We’re not just hosting events but also shaping Hyderabad’s reputation as India’s top MICE destination’ : Rubin Cherian

      April 21, 2025

      ‘Hotels blending local charm with sustainability to lead next phase’ : Jitendra Taak

      April 4, 2025

      ‘We plan to drive higher RevPAR and occupancy through dynamic pricing, targeted marketing campaigns, and expanding corporate tie-ups’: Manoj Jangid

      March 29, 2025

      ‘Weddings and Room Bookings Drive Significant Revenue Growth’: Anirban Sarkar, General Manager, Radisson Blu Greater Noida

      January 15, 2025

      ‘Weddings and Room Bookings Drive Significant Revenue Growth’: Anirban Sarkar, General Manager, Radisson Blu Greater Noida

      January 15, 2025

      Luxury Hospitality in India: A Market on the Rise

      December 3, 2024

      Redefining Indian hospitality, the TECH way

      June 6, 2024

      Lone Wolf beer announces major growth strategy, bolsters production capacity to enter new markets

      April 23, 2024
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      The Cart or the Horse?

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      Culinary Tourism in India: A Global Perspective

      April 22, 2024

      M+A+S=H

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      What is the most important part of developing a risk management plan for a hotel?

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      HOTELS, HOSPITALS AND OPPORTUNITIES

      August 24, 2022

      Role of Facility Management in Experiential Tourism: Shaping Unforgettable Journeys in India

      September 27, 2023

      Occupancy Upsurge: Reinvigorating Business

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      Lessons from 20:20 for 2020

      January 6, 2020

      Legal Obligations of Lost Properties – Infra Hospitium

      December 30, 2019
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      SulaFest 2025 Kicks Off Its 14th Edition

      February 3, 2025

      Medusa Beverages and Warner Bros. Discovery Global Consumer Products launches the ‘House of the Dragon’ Exclusive Edition

      August 1, 2024

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      April 24, 2024

      WIPS-Nashik revived by Govt of Mah, HRAWI applauds the move

      January 23, 2024

      Cellar 33 & Sonarys Celebrate Grower Champagne’s India Debut

      May 9, 2025

      India-UK FTA Spurs Premium Spirits Boom in Hospitality Sector

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      Luxury Whisky brand The Dalmore targets India’s growing market for single malts

      May 6, 2025

      Liquor Price Disparities Highlight Flaws in ‘One Nation, One Tax’ Vision

      May 6, 2025

      F&B major FSIPL announces 8 New Products

      October 19, 2022

      The Health Factory startup raised INR 2 crore expanded seed funding

      August 22, 2022

      Sattvik Certifies Indian Beverages Company VARAHI Pvt Ltd

      August 22, 2022

      Cold Chain Storage & Supply to Boost the Consumption of Frozen Poultry

      May 5, 2020

      ‘Our HoReCa clients have saved between INR 2 Lac and INR 15 Lac per year by using our products’ : Jesal Sampat, Executive Director, Pune Gas

      March 29, 2024

      UNESCO New Delhi seeks for expression of interest for catering services

      March 19, 2024

      ‘HoReCa Channel Contributes 80-85% of Real Good Chicken’s Revenue’ : Abhay Parnerkar, CEO, Godrej Tyson Foods

      August 30, 2023

      X Events Hospitality launches #chefstogether campaign to celebrate International Chefs Day

      August 25, 2022

      ‘We are planning to raise around INR 25 cr within 8-10 months’ : Krunal Oza, Founder & CEO of Hustlers Hospitality

      September 2, 2022

      A Feast for the Senses; Sheraton Hyderabad’s Culinary Gem

      February 2, 2025

      Roastery Coffee House : More than just a place to dine

      June 14, 2024

      Glocal Junction: Lifting modern Indian cuisine to new heights

      January 10, 2023

      Little Italy Hyderabad: An Italian gastronomic paradise nestled amidst Jubilee Hills

      December 7, 2022

      ‘Shoyu’ Brings Modern Asian Flavors to Hyderabad

      March 7, 2025

      A Feast for the Senses; Sheraton Hyderabad’s Culinary Gem

      February 2, 2025

      Firewater Neo Bar and Kitchen Sparks Culinary Magic in the Financial District

      February 2, 2025

      Roastery Coffee House : More than just a place to dine

      June 14, 2024

      Kolkata Orders Rooftop Restaurants Closed After Hotel Fire

      May 8, 2025

      Yi Jing at ITC Kohenur Offers a Culinary Escape with New Summer Menu

      May 7, 2025

      18% GST on Meals in Specified Hotels Elevates Dining and Event Costs

      April 14, 2025

      Clara Beach Haven Opens in Goa, Blending Art, Elegance, and Culinary Excellence

      April 7, 2025
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      Association of Hospitality Professionals Announces the Seventh Edition of Hospitality Challenge 2024

      June 28, 2024

      IIHM and Mayfair Hotels & Resorts Forge Strategic Partnership with MoU Signing

      May 9, 2024

      ‘We focus on equipping students with essential skills‘

      May 6, 2024

      IIHM and IHC Celebrates International Hospitality Day 2024

      April 29, 2024

      Hyatt India collaborates with CII & EHL to launch Vocational Training across its properties in Delhi, NCR and Lucknow

      July 25, 2024

      Association of Hospitality Professionals Announces the Seventh Edition of Hospitality Challenge 2024

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      ‘We focus on equipping students with essential skills‘

      May 6, 2024

      Apeejay Institute of Hospitality celebrates the graduation of the class of 2024

      April 4, 2024

      Le Cordon Bleu Gurugram Unveils Advanced Hospitality Training Facilities

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      ‘We focus on equipping students with essential skills‘

      May 6, 2024

      Apeejay Institute of Hospitality celebrates the graduation of the class of 2024

      April 4, 2024

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      April 16, 2025

      ISH Hosts Distin-GU-ISH-ED 2025, Celebrates Culinary Excellence

      March 26, 2025

      Le Cordon Bleu Gurugram Unveils Advanced Hospitality Training Facilities

      March 20, 2025

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      HPMF Inaugurates 14th Annual Convention with Grand Ceremony in Lucknow

      September 27, 2024

      HPMF Joins Governing Body of Tourism and Hospitality Skill Council

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      HPMF to celebrate 14th Anniversary with Awards in Lucknow and Ayodhya Dham

      June 7, 2024

      ‘Addressing the gap between industry demand and workforce skills is a critical challenge’

      May 14, 2024

      ‘Our HoReCa clients have saved between INR 2 Lac and INR 15 Lac per year by using our products’ : Jesal Sampat, Executive Director, Pune Gas

      March 29, 2024

      Hafele Introduces India’s First One Touch Cabinet Mechanism

      January 30, 2024

      X Events Hospitality launches #chefstogether campaign to celebrate International Chefs Day

      August 25, 2022

      Celebrated Chef Anton Mosimann Awarded with Swiss Culinary Merit of Honor

      July 25, 2021

      HRAWI organises FSSAI’s latest FoSTaC Programme in Mumbai

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      HRAWI organises Fire Marshals Training Programme

      April 17, 2019

      HRAWI organises fire safety training for hotels & restaurants in Mumbai

      March 20, 2019

      Hyatt and Quimera Energy Efficiency wins the AEE’s Western Europe Region Energy Project Award 2018

      November 9, 2018

      ‘Our HoReCa clients have saved between INR 2 Lac and INR 15 Lac per year by using our products’ : Jesal Sampat, Executive Director, Pune Gas

      March 29, 2024

      GRAFF Unveils the Futurismo Collection for the Kitchen

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      EssEmm Corporation launches Cosmos Nut Butter Grinder

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      Keventer Agro to Launch Food Range in Partnership with Disney India

      March 11, 2022

      HPMF Signs Landmark MOU with WineGAI

      March 30, 2025

      HPMF and ICF Join Forces to Transform India’s Hospitality Sector

      March 7, 2025

      ‘Addressing the gap between industry demand and workforce skills is a critical challenge’

      May 14, 2024

      Global Revenue Forum 2023 to host Opportunity 2023

      January 12, 2023
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    Hospitality Biz India: Latest News & Analysis
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    Home » It was the best of times, it was the worst of times
    Guest Article

    It was the best of times, it was the worst of times

    adminBy adminMarch 19, 2024No Comments5 Mins Read
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    By Nathan Andrews, Author & Hospitality Consultant

    These are good times for the hospitality industry? Right? I am sure, that if you are a part of any WhatsApp group, you would be on the receiving end of a never-ending stream of positive industry developments. Occupancy, rates, profitability, etc. are all at an all-time high, even allowing for much media hype. Which then begs the question as to why so many hospitality assets are at the same time in distress?

    Behind the façade of success, lies, in many cases, a very different reality of unserviceable debt, punitive recovery action and the loss of the asset through asset reconstruction forums like the NCLT. How can both of these scenarios be true? The short answer is debt.

    Admittedly every case has its own peculiarities and trigger points but at an underlying level the fundamental issue lies in the ability or inability to service the existing debt, and in this predicament, hospitality asset owners are not alone. The corporate landscape is littered with ghosts from the past, all of whom bit off more debt than they could chew. Robert Quillen, the American journalist, insightfully said, “Good times are when people make debts to pay in bad times”; repeated economic cycles have proved him correct. 

    Often, even at a personal level, we think of debt as a recourse to funding during difficult times. But if we look at the reality, the opposite is actually much truer. When we are in trouble, associates and institutions are much more likely to give us a wide berth than extend us a loan. However, when the going is good, the more the folks who come along to make a buck for themselves while ostensibly helping you to grow your wealth. 

    Think of it this way: You need a thousand rupees, who will you ask? Probably only a very close friend or family member, as the lender is likely to look askance at such a request. Make that ten lakhs and any number of loan offers are available. Raise that to crores and the lenders will probably chase you to accept their loan offer. The same is true at the corporate level. Make the ask big enough and even the Chairman of the Bank will come to you, and this when the going is good, or philosophically when the sun is shining. The problem is that the sun does not shine forever, and once the rain starts, the same financial institution who so kindly offered an umbrella when the sun was shining, asks for it back when the rain starts, leaving the borrower proverbially out in the rain. 

    So where does the fault lie? Are the lenders wrong in asking for repayment? Absolutely not! That is their business and the terms of corporate lending are usually quite clear and precise. Do they sometimes get skittish? Undoubtedly so, and usually at the most inopportune moment from the borrower’s perspective. But that is the nature of the beast, and if the fine print was read, to begin with, the relevant clauses would no doubt be already articulated.

    The real issue is I would posit, to continue the analogy of the shining sun, is that neither party borrower or lender in many cases really planned for the rain. There is an underlying assumption that the good times will not only continue to roll but that the most optimistic projections will materialize. Particular to the hospitality industry, many of the distressed assets reflect loans that were in reality, even with the best of times, simply quite unserviceable. One has to wonder what Excel sheet was presented by the borrower and accepted by the lender that justified the quantum of debt and debt servicing ratios. Even without the worst of times, without unforeseen disruptors like COVID, managing the debt taken seems nigh impossible, with years like 2020 and 2021, implosion becomes a certainty. 

    Which begs a further question: Are these failures genuine mistakes of poor planning or failures by design? King David, the second king of Israel, wrote three thousand years ago, “the wicked borrow and do not repay”. Nothing much has changed in the past three millennia. A closer look at many of the distressed assets will evince a planned intent to misapply the funds, then default on the repayment, and finally negotiate a settlement where the lender takes a ‘hair-cut’ and everyone, except the lender’s stakeholders, live happily ever after. Fortunately, or unfortunately, things did not work out as planned, leaving both the borrower and the lender in a pickle.

    Which brings us to where we are today. Amid all the genuine good news and industry positivity, there is much stress behind the scenes. Let us not forget the words of Charles Dickens which still ring true: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity..” A tale of two cities or two realities?

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