Author: HBI Staff | Hyderabad
According to a report by Economic Times, ITC is convening a meeting of its shareholders on June 6th, 2024, to seek approval for a major restructuring. The plan involves demerging the company’s hotel business, ITC Hotels, into a separate listed subsidiary. This move follows an order from the National Company Law Tribunal (NCLT). Under the proposed scheme, ITC shareholders will receive one share in the new ITC Hotels for every ten shares they hold in the parent company. After receiving necessary approvals, including shareholder endorsement, the new hotel company is expected to be listed on stock exchanges within 15 months.…
IHG Hotels & Resorts and Brigade Group – property developer in India have announced the signing of a management agreement to debut the InterContinental brand in Telangana − InterContinental Hyderabad Neopolis. Slated to open in 2029, this newly constructed hotel is expected to be an integral part of Brigade’s upcoming, mixed-use development. The world-renowned brand, InterContinental has over 220 open hotels across more than 60 countries. Commemorating its 75th Diamond Anniversary in 2021, InterContinental continues to uphold its esteemed status as the world’s first and largest luxury hotel brand. In 2023, the brand reached a pipeline of 100 hotels and resorts…
The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, has announced its consolidated financial results for the fourth quarter and full year ending March 31st, 2024, marking eight consecutive quarters of record performance. In the fourth quarter of 2023-24, IHCL witnessed a significant year-over-year growth in key financial indicators. Revenue increased by 18%, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged by 25%. The EBITDA margin also saw a notable improvement of 2.0 percentage points. Profit After Tax (PAT) soared by 27%, reaching ₹418 crores. For the full year ending March 31st, 2024, IHCL reported a robust…
With close to 50 hotels in the pipeline, IHG Hotels & Resorts, one of the world’s leading hotel companies, will double its operating portfolio in India in next 5 years. The company recorded strong signing performance in 2023 with 13 deals closed across its brands in luxury, premium and essentials categories, strengthening its footprint in cities such as Gurgaon, Jim Corbett, Mumbai, Amritsar and Goa. Close to 70% of the signings were in midscale and upper midscale segments, which continues to be a growth driver for the company in India, followed by premium and luxury. IHG’s ambitious development pipeline including…
Swiggy, India’s pioneering on-demand convenience platform, has announced the launch of ‘Smart Links’, an innovative tool, designed to empower restaurants of all sizes to enhance their online presence and drive growth. Transforming Social Media Engagement into Business The Indian F&B industry is vibrant and thriving but extremely competitive. The restaurant industry typically spends anywhere between 3% to 6% of its revenue on advertising, including online platforms like Meta (Instagram, Facebook, WhatsApp), Google, and traditional media such as TV, print, and radio. While advertising on online platforms is a great channel to reach consumers, it is not always easy to track…
Beam Suntory – premium spirits partnered with Celebrity Chef Gary Mehigan also known for his culinary finesse showcased on MasterChef Australia to bring an exclusive dining experience in Gurgaon, Bengaluru and Hyderabad, in association with Conosh, featuring the exceptional The Ardmore. Chef Gary’s deep affection for India, evident from his visits to the country, adds a profound cultural connection to this collaboration. In this unique partnership, Chef Gary Mehigan elevated the culinary scene in India, celebrating the art of gastronomy and craftsmanship. The highlight of the events were the exquisite pairing of Chef Gary’s culinary creations with the premium offering…
VARU by Atmosphere secures the prestigious Green Globe Recertification for sustainable resort operations, following a rigorous audit encompassing over 44 mandatory core criteria. Located in the North-West edge of Malé Atoll in theMaldives, the 5-star resort offers a truly Maldivian experience by incorporating aspects of local traditions and cultures, structural design – fused together with bursts of chic tropical vibes. Green Globe recognises organisations that demonstrate a strong commitment to sustainable management, social responsibility, cultural heritage, economic stability, and environmental conservation.Regarding this latest certification, Mei P Pun the General Manager of VARU by Atmosphere says, “Sustainability is at the core…
A survey by Marriott Bonvoy, the award-winning travel program of Marriott International, has found that a majority of Gen Zs and Millennials in Asia Pacific excluding China (APEC) prefer the simplicity of belonging to one comprehensive loyalty travel program. While 60% of APEC Gen Zs and Millennials are actively subscribed to loyalty programs, the challenge of juggling several loyalty programs has led most (57%) to seek out one program that meets all their travel needs. Marriott Bonvoy carried out the survey of 1,000 respondents across ten markets in APEC to better understand the shifting attitudes of Millennials and Gen Zs…
At HICSA (Hotel Investment Conference – South Asia), Champions Club, a global leader in experiential tourism and hospitality, welcomed AzurGroup, with a vision to grow globally and deliver exceptional customer service with one stop solution for all Luxury & Experiential needs. To enhance this more, Champions Club has introduced an Elite Club Membership for its loyal customers and a B2B Loyalty Program for its partners globally. With a strategic amalgamation and joining of the verticals and establishments such as Longevity Wellness clubs, Champions Ranch, Champions Yacht Club – Goa, Champion Yachts – Dubai, Champions Aviation, Champs Sailing Club in Vijayawada,…
The Federation of Hotel & Restaurant Associations of India (FHRAI), has brought to light a critical issue hampering the hotel infrastructure development within the hospitality sector in Delhi, to the MOHUA (Ministry of Housing and Urban Affairs). Despite MPD 2021 provision for increased Floor Area Ratio (FAR) for hotels, a decade-long stagnation persists, impeding the growth and development of the hotel industry in the capital. FHRAI highlights that the inability of hotels in utilizing the increased FAR is contributing to a gap between the increasing demand fuelled by the escalating influx of airline passengers from 4 Cr to 7 Cr…
