Author: HBI Staff | Hyderabad
The hospitality sector continued to witness Year-on-Year (YoY) growth in performance in Q2 2024 (April-June, 2024), primarily driven by a rise in Average Daily Rate (ADR), resulting in a RevPAR growth of 4.8%. The second quarter recorded a dip in occupancy levels which can be attributed to the onset of summer vacations and a subsequent decrease of corporate travel. Due to this, the sector also noted a dip in RevPAR growth of 15.9% Q-o-Q in Q2 2024, compared to Q1 2024. This can be attributed to the second quarter of the year typically being the lean season for the sector…
India Tourism Development Corporation (ITDC), a public sector entity under the Ministry of Tourism, announced its Q1 results for FY 2024-25. In Q1 of FY 2024-25, the corporation reported a total turnover of INR 87.62 crores, while Profit before Tax (PBT) hit INR 10.12 crores M.R. Synrem, IAS, Managing Director of ITDC, commented, “This quarter’s performance reflects our ongoing efforts in maintaining steady operations and service quality. Our team has continued to deliver consistent results, ensuring that we remain on track with our strategic objectives. Our focus remains on delivering extraordinary customer service. We are committed to adapt and evolve…
Sterling has recently opened its latest resort Sterling Banashree Badami, a quaint getaway nestled in the ancient heritage city of Badami, Karnataka. The new property in this hidden gem, marks a significant addition to Sterling’s portfolio of 50 plus resorts across India and offers a unique blend of historical charm, adventure and natural beauty. Badami, nestled in the heart of Karnataka, is a treasure trove of ancient heritage and architectural marvels. Known for its stunning rock-cut cave temples with intricate carvings, Badami offers a glimpse into the grandeur of the Chalukya dynasty. Pattadakal, nearby is a UNESCO World Heritage site…
Marriott International is suing one of its franchisees for breach of contract, claiming the defendants violated their agreement with the hotel chain by turning a New York City property into a shelter for migrants. In a complaint filed in federal court last week, Marriott alleged Pride Hotel LLC, violated its franchisee agreement to run a property in the Jamaica neighborhood of Queens as a dual-branded Aloft and Element hotel, when the operators instead entered into a “lucrative” contract with the City of New York to house migrants and asylum seekers. The chain is suing one of its franchisees for using…
Oyo, once valued at USD 10 billion and recognized as India’s second-most valuable startup, has seen its valuation plummet to USD 2.4 billion in its latest funding round, according to multiple sources cited by TechCrunch. The Gurugram-based budget hotel chain secured USD 173.5 million in Series G funding, primarily from Patient Capital, managed by Oyo founder and CEO Ritesh Agarwal; InCred Wealth, which aggregates investments from high-net-worth individuals; and J&A Partners. Oyo’s current valuation is now below the total capital it has raised, which Tracxn, a data insights platform, estimates to be around USD 3.3 billion in combined equity and…
Sarovar Hotels, in partnership with Om Royale Group announced the launch of Golden Tulip Agra. The opening marks Sarovar Hotels’ growing leisure market portfolio and strong presence in Uttar Pradesh, marking it as its 14th hotel in the state. Currently, both the groups jointly operate a successful hotel, Royale Sarovar Portico in Agra, that debuted last year. Strategically located in Agra’s vibrant tourist district, Fathehabad, the hotel provides a captivating view of the iconic Taj Mahal and caters to leisure and business travellers. Its proximity to Agra Airport, Agra Cantt Railway Station, and ISBT Agra, as well as key attractions…
This August, The Fern Hotels and Resorts proudly presents ‘Regimental Zaika’, a unique food festival celebrating India’s rich culinary heritage inspired by the authentic dishes of various regiments and battalions of the Indian Army. Scheduled from August 10 to August 18, 2024, across 25 select Fern properties, this festival coincides with India’s Independence Day and pays homage to the valour and diversity of the armed forces. India’s military regiments are renowned not only for their bravery but also for their distinct culinary traditions, which vary across regions and communities. ‘Regimental Zaika’ aims to bring these flavors to connoisseurs of food,…
In a stunning victory that underscores India’s rising influence in the world of premium spirits, Yaksha Small Batch Premium Whisky by Blisswater Industries Pvt Ltd, has clinched a prestigious Silver Medal at the 2024 USA Spirits Ratings competition, held in San Francisco. This recognition is the benchmark of excellence within the global spirits industry, distinguishing Yaksha as a top contender in the competitive world of premium whiskies. The USA Spirits Ratings competition, renowned for its rigorous evaluation process, awards spirits that excel in three critical categories: Quality, Value, and Packaging. Yaksha Small Batch Premium Whisky not only impressed the judges…
Indian Hotels Company (IHCL) announced the signing of a resort in Sawai Madhopur, Rajasthan. This Greenfield project will be branded a Gateway resort. Commenting on the expansion, Suma Venkatesh, Executive Vice President, Real Estate & Development, IHCL stated, “The re-imagined Gateway brand offers a contemporary and refreshing hospitality experience tailored for the modern traveler. Sawai Madhopur’s captivating blend of historical significance and natural beauty makes it an ideal location for our resort. This new resort aligns with Gateway’s brand strategy of providing an authentic reflection of a city. We are delighted to partner with the Jalan Group for this project.” Strategically…
Bira 91 recently celebrated multiple wins at the World Beer Awards held in London on August 08 this year. The brand distinguished itself by winning 9 medals at the prestigious World Beer Awards 2024, including 4 Golds, 3 Silvers, and 2 Bronzes solidifying Bira 91’s position as a leading force in the global beer industry. Often considered as the Oscars of Global Beer Awards, the World Beer Awards selects the very best in all internationally recognised styles and selects country and world winners as well as awarding gold, silver and bronze awards in each style category. The World Beer Awards,…
