Category: Hospitality

Hyatt CEO foresees India as the second-largest market in 30-40 years: here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India today is better poised for growth in the hospitality sector than the rest of the world, and that is because of a secret weapon. The CEO of Hyatt Hotels says that India’s secret weapon is the tremendous warmth and engagement of its people.

“The experience people get in India when they disembark from the plane and start exploring the country is what sets India apart,” said Mark Hoplamazian, who has been the CEO of Hyatt Hotels since 2006.

At present, Hyatt has 50 hotels in Southwest Asia, including 48 in India and 2 in Nepal. In 2024, the hotel chain will open 8 new establishments in the region. The company also has a pipeline of 50 more hotels and plans to enter 28 new markets in the next five years.

Hoplamazian believes that India has tremendous tourism potential, and the government must work towards increasing the exposure of inbound travellers to the country’s natural resources and history. “It would be great to have an Olympics in India,” he said.

Also Read: IMF distances itself from Subramanian’s 8% India growth prediction

Hoplamazian believes that Hyatt’s revenue share from India may be less than 10%, but the company is poised to grow at a faster rate in India than anywhere in the world. ‘In a decade, Hyatt will see manifold growth in India, and in 30-40 years, India could become the second-largest market for Hyatt,’ he said.

Another reason for Hyatt’s big bet on India is that hospitality as a percentage of GDP is 6%, whereas the figure stands at 10% for advanced economies. Therefore, the group believes that the incidence of inbound travel will only increase over time.

“I have been bullish on India in my position for over 17 years. I have always believed that India’s demographic profile and natural resources will attract travellers for a very long time,” he said.

Hoplamazian said that the global outlook for hotel demand remains robust, with Hyatt witnessing a continuous increase in demand, especially for leisure travel.

Also Read: Tata Punch tops March sales, Hyundai Creta close second, Maruti slips to No. 3 for the first time

“We have 330,000 rooms in our portfolio across the world, and we ended 2023 with a future pipeline of 127,000 rooms, which is 40% of our current inventory. We have significant expansion plans for India, China, Europe, and the Middle East,” he said.

The CEO has overseen the company’s strategy to be asset-light and sell properties worth 4 billion dollars. This was done to free up capital for strategic expansion and acquisitions worth 3.5 billion dollars.

“Since the beginning of our asset-light evolution in 2017 through the end of 2023, we doubled the number of luxury hotel rooms, tripled the number of resort rooms, and quintupled the number of lifestyle rooms,” he said.

Also Read: Tesla begins making cars in Germany for export to India this year

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Thomas Cook India expects leisure travel to grow despite higher prices

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Thomas Cook (India), the omni-channel travel company based in Mumbai,  expects the strong growth in leisure travel to continue, undeterred by the rising costs.

In an interview with CNBC-TV18, Madhavan Menon, Executive Chairman of Thomas Cook (India), said the company is experiencing demand across all travel categories.

He also noted a significant improvement in both domestic and short-distance travel, covering regions like Central Asia, the Middle East, and Southeast Asia.

“We would see the leisure travel continuing through the rest of the year as would corporate travel and meetings, incentives, conferences and exhibitions (MICE) picking up speed as we get into the first quarter of the current fiscal (FY25).”

Thomas Cook (India) aims to expand its hotel portfolio to 65 properties by 2025.

Currently, it operates approximately 3,000 rooms, and its goal is to increase this number to 5,000 rooms.

In addition to its hotel business, Thomas Cook (India) offers a range of financial and travel services.

These include wholesale and retail financial services such as prepaid card issuance, leisure forex, and international money transfers.

Also Read: Inside Out | Thomas Cook aims to get to 65 hotels by 2025

Thomas Cook (India) is backed by Fairbridge Capital, a subsidiary of the Fairfax Group.

Although Fairbridge Capital reduced its stake by 8.5% in late 2023, indicating changes in ownership, the company still boasts significant support from large investors.

Also Read: Thomas Cook India promoter to sell up to 8.5% stake via OFS

The company’s travel services encompass corporate travel, MICE tourism, leisure travel, and Destination Management Specialists (DMS).

It also operates in the leisure hospitality sector through Sterling Resorts and offers Digi Photo Imaging Services, including Digi photo entertainment imaging, acquired in October 2019.

The market capitalisation of Thomas Cook is around ₹8,161.10 crore. Its shares have gained close to 196% in the past year.

Also Read: From Udon in Thailand to Hue in Vietnam, here’s how much an average hotel room costs for a night

For the entire interview, watch the accompanying video

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EIH planning ₹421-crore luxury Oberoi resort in South Goa

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hospitality major EIH Ltd on Thursday (March 28) said its board has greenlighted the construction of an Oberoi luxury resort at Cavelossim beach in South Goa.

“The company, in its Board Meeting held today, has approved the construction of an Oberoi Luxury Resort at Cavelossim Beach in South Goa on a 52 acres site owned by the company,” EIH stated in a stock exchange filing.

The resort will operate under the name, The Oberoi, Goa, and will feature 90 rooms and suites across its sprawling acreage.

With an estimated investment of ₹421 crore, the resort is scheduled to be operational from October 1, 2027. The financing for the project will be sourced through internal accruals and debt.

Additionally, EIH has ventured into another hotel management agreement for a luxury Oberoi resort at Bogmalo beach in South Goa, further expanding its presence in the region.

Shares of EIH Ltd ended at ₹455.25, up by ₹16.05, or 3.65%, on the BSE

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Andrew Holland bullish on these sectors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Andrew Holland, Chief Executive Officer, Avendus Alternate Strategies continues to remain bullish on the travel and tourism sector. He believes international travel into India is yet to reach the pre-COVID levels. “I expect this sector to witness high growth,” he said in an interview with CNBC-TV18.

According to him, the overall auto sector could have been a bit of a laggard in recent weeks because of slowing consumption and competitive negatives around electric vehicles (EVs). “It’s probably going to be one of those rotational moves into autos away from some of the other sectors, which have done well. We saw a few months ago IT doing well, the headwinds are still there for the sector,” he said.

Sharing his views on banking space, he said, if the narrative changes and the interest rates are coming down and bond yields are going to fall below 7%, the banks will do well.

One pocket that has been the highlight of the year gone by, even the start of this year, and continues to remain a major talking point in every market conversation is the public sector undertakings (PSUs).

He is a bit more skeptical about the overall broad-brushed approach of governance in all PSUs. According to him, government spending will continue to be increased very significantly in the defence sector.

Therefore, PSUs within defence sector – if one believes in the long-term future then – are the companies one would have to buy. “So I’m not concerned on that, but I’m not playing into this governance has changed and therefore, we should give it higher ratings,” he said.

India’s top court, responding to a public interest litigation filed by a nongovernmental organization (NGO), has given the government a month to fix standard rates for different medical procedures. Private healthcare heads now fear an ‘armageddon’ if rates similar to Central Government Health Scheme (CGHS) are mandated to be applied to procedures in private hospitals.

Andrew believes it is still a long way from what’s going to happen here. It is difficult to take a reasonable call. He further believes that the ratings of these stocks were very high. And it doesn’t take a lot to knock it down with any kind of negative news. “I’m sure it will play out as the Armageddon story but obviously when you have very highly valued companies, there’s not much margin for any kind of negative, which could hurt the earnings,” he said.

He would sit on the sidelines as he isn’t in the hospital stocks, he further mentioned.

For more, watch the accompanying video

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ram Mandir ‘pran-pratistha’ a seminal moment, brings religious tourism to forefront: Yatra’s Dhruv Shringi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dhruv Shringi, Co-Founder & CEO of Yatra.com, believes the Ram Mandir has brought religious tourism to the forefront, attracting a diverse profile of travellers, including both the elderly and young people, on holistic religious holidays.

The eagerly anticipated consecration ceremony, known as “Pran-Pratistha,” for the Ram Janambhoomi temple in Ayodhya concluded on January 22, marking the fulfillment of a purported 500-year-old wait for the return of Lord Ram to his home.

Dhruv Shringi highlighted a remarkable 400% increase in flight bookings for Ayodhya in the past two weeks. Anticipating increased demand, hotel chains are expected to expand capacity in Ayodhya, with approximately 2,000 new rooms projected within the next 24 months.

A report by Jefferies suggests that the temple town could draw over 50 million tourists annually, with the $10 billion Ayodhya makeover poised to transform the ancient city into a global religious and spiritual tourist hotspot.

Ajay Bakaya, MD of Sarovar Hotels & Resorts, mentioned ongoing projects that will result in 15-20 branded hotels in Ayodhya within the next 5–6 years, making it a promising opportunity for the foreseeable future.

On January 22, Ayodhya witnessed a festive atmosphere as thousands of devotees gathered from across India to witness the historic moment for Hindus.

Parag Bhatnagar, President of Havells India, highlighted that more than 3,000 lighting fixtures were installed in the temple with a high-tech, minimalistic design approach. He also emphasized the challenge of designing lights for different areas while maintaining the beauty and spirituality of the temple.

Anurag Katriar, Founder of Indigo Hospitality, and Trustee at NRAI, highlighted the immense opportunity for F&B businesses in Ayodhya. Katriar stated, “Wherever there is tourism, you need the F&B infrastructure as well. The difference would be, being a temple town, you may not be running pubs and bars, but you will be running beautiful restaurants. If about six to eight crore people are expected to visit Ayodhya every year, it is a huge, huge opportunity. Even if a person spends on an average during a visit a couple of thousand rupees, it is a huge number that we are looking at. So I am very confident that every restaurateur will make a visit to Ayodhya and they will be soon looking at opportunities to open their stores.”

Prime Minister Narendra Modi, leading the ceremony, declared January 22 as “not a date on a calendar, but the dawn of a new era.” He likened the consecration to breaking free from a mindset of slavery and urged Indians to extend their consciousness from god to country and from Ram to Rashtra.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Investors line up investments for Ayodhya hospitality sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Investors have signed various agreements for big investments in the hospitality sector on Ayodhya, as the upcoming Ram Temple provides immense potential for religious tourism. Famous hotel brands are establishing their branches in Ayodhya, and approximately 50 major hotel construction projects are currently underway in the city, official sources said.

With several small hotels, resorts, and homestays investing in the region, Ayodhya is emerging as a new hotspot in the hotel industry. In addition, good highways and roads, wall paintings depicting the life of Lord Ram, facade lighting, and a grand entrance adorned with Victorian lamps add to the attraction of Ayodhya.

According to Divisional Commissioner of Ayodhya Gaurav Dayal, 102 intent agreements worth about Rs 18,000 crore were signed for tourism in Ayodhya during the Global investment summit. Even after the GIS, many entrepreneurs have submitted their proposals to the government and district administration for the investment in the tourism sector in Ayodhya, he added.

Currently, there are 126 ready-to-be-implemented projects related to tourism in Ayodhya. Of the 126 projects, 46 have signed MOUs, while 80 are non-MOU related. The total cost of all these 126 projects is around ₹4,000 crore.

Dayal said that around 50 renowned hotels have invested in Ayodhya for large-scale projects, and the construction of their buildings is underway. These hotels include Taj, Marriott, Ginger, Oberoi, Trident, and Radisson, and they will soon be completed and operational. There are plans to develop the ‘Raja Ki Building’ as a heritage hotel, with a major hotel chain expressing interest in investing in this project.

Apart from these, a significant number of small and large hotels are likely to commence operations in and around the Ayodhya region. These hotels will ensure the accommodation for a large number of devotees and tourists visiting Ayodhya. The city is set to witness an investment of approximately ₹420 crore through the four large projects in the hotel industry. The first on the list is Panche Dreamworld LLP, which will establish the ‘Rama Hotels and Resorts’ project at a total cost of ₹140 crore.

Innovators Digital Ads Pvt Ltd will build Solitaire Ayodhya 5 Star hotel for ₹100 crore, Evergreen Infrastructure will establish Shri Ramya Hotel with an investment of ₹90 crore and Samruddhi Swastik Trading and Investment will set up the ‘Vishranti Grah’ at an investment of ₹86 crore, officials said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wonderla Holidays eyes expansion in smaller cities, cost-efficient growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Wonderla Holidays, the largest chain of amusement parks in India, is now expanding in smaller cities to save costs, as building there is cheaper. This move by the famous amusement park company is to reach new markets where they can grow more efficiently, showing a flexible growth strategy in the leisure industry.

In an interview with CNBC-TV18, Arun K Chittilappilly, the Managing Director of Wonderla Holidays said, “In smaller cities, we are looking to replicate the Bhubaneswar model. For us, that makes a lot of sense because our capex can be much lower.”

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Chittilappilly expects only marginal 3-5% growth in footfalls for the third quarter. The average revenue per user (ARPU) is ₹1,400. 

The company will open its new park in Bhubaneswar in the summer of 2024. Chittilappilly said the reason for choosing Bhubaneshwar for the new park was the support from the Odisha government in terms of nominal land leasing rates and investment subsidy.

Also Read | Goa is now the go to holiday destination for tourists from this central Asian country

“This, for us, is kind of an asset-light model that we have not done before, wherein we do not invest in the land, and that keeps our capex low,” Chittilappilly explained.

However, being a tier-2 city, the revenue from the park may not match the parks in other bigger cities, he noted.

The company is also in talks with the governments of Madhya Pradesh, Uttar Pradesh, and Punjab. Another park in Chennai is also currently under construction and is expected to come become operational in  September 2025.

For more details, watch the accompanying video

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OYO partners with Khelo India and others to champion differently-abled talent nationwide

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PRS Oberoi passes away at 94: Tributes pour in for the pioneer of Indian hospitality industry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prithvi Raj Singh Oberoi, the pioneer of the Indian hospitality sector and known for shaping luxury hotel business in the country, passed away on Tuesday, November 14, at the age of 94. The Chairman Emeritus of the Oberoi Group has left behind a huge legacy and a remarkable success story for the hospitality sector in India.

Revered for revolutionising the landscape of the Indian hotel industry, PRS Oberoi was known for building an empire in the luxury hospitality segment after he inherited the country’s first five-star hotel from his father.

Industrialists and leaders, including Union Minister Rajeev Chandrasekhar and West Bengal CM Mamata Banerjee, paid tributes acknowledging him as a global pioneer, who redefined the Indian hospitality landscape.

Union Minister Rajeev Chandrasekhar extolled him as the visionary who propelled Indian hospitality onto the global stage.

Chairperson of Mahindra and Mahindra, Anand Mahindra reminisced about Oberoi as the pioneer who positioned an Indian hotel at the zenith of global rankings.

P.R.S Oberoi passed away this morning. His many achievements were never sufficiently recognised. He made ‘Oberoi’ a global byword for the Indian luxury hospitality experience and the first to put an Indian hotel on the very top of global rankings. He also rallied the group… pic.twitter.com/q7BDVtImI3

— anand mahindra (@anandmahindra) November 14, 2023

West Bengal Chief Minister Mamata Banerjee extended her condolences to the Oberoi family, revering him the “Hospitality tycoon of India.”

Saddened by the demise of Padma Vibhushan PRS Oberoi, Chairman of the Oberoi group, and the hospitality tycoon of India.

He was trained in Darjeeling and his achievements have been inextricably linked to West Bengal. We shall all feel the irreparable loss.

Condolences to the…

— Mamata Banerjee (@MamataOfficial) November 14, 2023

Amitabh Kant, the former CEO of NITI Aayog, eulogised Oberoi as one of the preeminent hoteliers in the world.

Deeply saddened by the passing of PRS ( Biki) Oberoi, Chairman Emeritus of the Oberoi Group. He was easily amongst the greatest hoteliers the world has seen. A visionary leader in the global hospitality industry, his legacy of world-class excellence and refined luxury has left an… pic.twitter.com/iwtMXZ5TWX

— Amitabh Kant (@amitabhk87) November 14, 2023

Advaita Kala, an author and screenwriter, tweeted that his legacy and the ‘investment’ he made in thousands of people like her will continue on through them.

Few people have impacted my life like Mr PRS Oberoi has.
My tributes to his life, his legacy and the “investment” he made in thousands like me. He will live on through us, in words, actions and service. Cc @OberoiHotels pic.twitter.com/E56lAb5l9J

— Advaita Kala (@AdvaitaKala) November 14, 2023

Khushwant Singh, a prominent Indian author, paid homage to PRS Oberoi while recalling the time spent writing Oberoi’s short biography.

The Global Sikh Trail pays a tribute to PRS Oberoi of Oberoi hotels who passed on today. It was indeed an honour to spend time with him and write his short bio which can be read by clicking on the link. https://t.co/hP547aXVbN #prsoberoi @vikramsahney @NavtejSarna @TinyDhillon pic.twitter.com/hKIxKlPz1Q

— Khushwant Singh (@Singhkhushwant) November 14, 2023

Naveen Narayanan, the Global Head of HR at Biocon Biologics, hailed PRS Oberoi as a legend of Indian hospitality, marking the conclusion of an era in the industry.

#RIP
A legend of Indian hospitality
I have had the fortune of meeting him a few times. #Legend

PRS Oberoi, veteran of Indian hospitality, passes awayhttps://t.co/9eHszWUDMd

Download Economic Times App to stay updated with Business News – https://t.co/tHOGIeqVa8 pic.twitter.com/M2RGpo392j

— Naveen Narayanan (@naveenn1972) November 14, 2023

PRS Oberoi, the former executive chairman of EIH Limited, the flagship of The Oberoi Group, widely acknowledged for transforming India’s hotel industry, has earned many accolades for his leadership. In January 2008, he was honoured with the Padma Vibhushan, India’s second-highest civilian award. The International Luxury Travel Market (ILTM) bestowed the Lifetime Achievement Award upon him in December 2012, recognizing his global impact on The Oberoi Group’s evolution into a top-tier luxury hotel chain.

In 2010, PRS Oberoi was named Corporate Hotelier of the World by HOTELS magazine and he was recognised as the visionary of modern luxury hospitality in India. The magazine’s November edition featured him as the driving force behind the company’s transformation into one of the world’s most esteemed luxury hotel groups.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PRS Oberoi, who put India’s first five star hotel on the global luxury map, passes away

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chairman Emeritus of the Oberoi Group, Prithviraj Singh Oberoi died on Tuesday (November 14) morning at the age of 94 years. Popularly known as “Biki”, PRS Oberoi is known for changing the face of Indian hospitality industry, had a net worth of $460 million, as per the latest data from Forbes.

His son Vikram is the managing director and CEO of EIH Limited (formerly known as East India Hotels), which owns and operates the Oberoi chain, which is currently spread across seven countries.

The cremation ceremony will be held at the Bhagwanti Oberoi Charitable Trust, Oberoi Farm, Kapashera, starting at 4 pm today. ” We extend a heartfelt invitation to those who know Mr. Oberoi to attend and pay their respects. Additionally, prayers will be held for him at our hotels and the Corporate Office today. As we mourn the loss of a true icon, we also aim to celebrate the extraordinary legacy Mr. P.R.S. Oberoi leaves behind. In the coming days, we will share details of our plans to honour and remember him.”

Biki was born in 1929, to late Rai Bahadur MS Oberoi, the founder of The Oberoi Group, who had his roots in the Punjab province in modern-day Pakistan.

The International Luxury Travel Market (ILTM) conferred him with the Lifetime Achievement Award in December 2012 He stepped down as the chairman and director of EIH Limited on May 3, 2022.

In 2007, a year before he got the Padma Vibhushan from the Indian government, he was felicitated by CNBC TV-18, at the India Business Leader Awards. In 2015, he was voted among CNBC TV-18’s Top 15 Indian Business Icons.

Other awards:
‘2010 Corporate Hotelier of the World’ award by HOTELS magazine,

Lifetime Achievement Award in 2014 by Forbes India Leadership Awards,

Oberoi finished his schooling  at St. Paul’s School, Darjeeling. Later, he graduated in Hotel management from Lausanne, Switzerland.

At the ripe old age of 83, in 2012, he roped in renowned American interior designer Adam Tihany to upgrade India’s first five star hotel, The Oberoi New Delhi. “A luxury hotel is like a beautiful woman. If you do not look after her and bejewel her from time to time, no one will desire her,” is one of the famous quotes attributed to Oberoi.

He established The Oberoi Centre of Learning and Development at New Delhi in 1967.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow