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Premium hotels are expected to log in strong growth across operating parameters, especially on the revenue side, which is expected to surge 80 per cent this fiscal and a further 15-20 per cent next, buoyed by the continued recovery across categories, as per a report. Hotels are getting higher bookings across leisure, corporate, MICE (meetings, incentives, conferences, and exhibitions), and international travels, leading to a decadal-high occupancy for premium hotels, a Crisil Market Intelligence report said. The report is very bullish on the revenue growth of the premium segment owing to better operational parameters, primarily due to higher demand, increase in room rates and employee rationalisation The revenue of premium hotels is expected to surge 80 per cent in fiscal 2023, and a further 15-20 per cent in fiscal 2024, according to the report. Rising demand has the average room rates (ARRs) hitting the pre-pandemic levels, leading to record high operating margins, which is also
Travel tech platform OYO on Sunday said it has requested the tourism ministry to probe the functioning of Federation of Hotel & Restaurant Associations of India (FHRAI) and order eviction of the "erring" executive committee members. The representation by OYO alleges that FHRAI's actions are detrimental to small hotel owners. It urged the tourism ministry to take necessary action against FHRAI's "illegally run" executive committee and its members alleging that they are working for self-interest rather than the interest of the small hotel owners. When reached out for a response, FHRAI Secretary General Jaison Chacko told PTI: "It would have been desirable if OYO would have tried to counter FHRAI's allegations and tried to clear the pending dues of hundreds of hotel partners." He said FHRAI had approached authorities, including the CCI, NCLT, NCLAT, SEBI and government against OYO's "oppressive and unethical" business practices. Chacko said FHRAI had received several complaints from .
The Roseate Hotels and Resorts, owned by the Bird Group, has been selected to develop the first 220-room luxury hotel near the upcoming Noida International Airport in Jewar, officials said on Monday. The Bird Group, which operates six properties in India and the UK, was chosen to develop this hotel after a competitive bidding process involving some of the leading international and national hospitality groups, according to an official statement by the Noida International Airport (NIA). The hotel will be a "whole new concept" featuring intelligent technology like smartphone access and services especially designed to cater to the evolving demands and expectations of global leisure and business travellers, the NIA said. NIA's chief executive officer Christoph Schnellmann said, "This marks the start of our journey towards developing a modern, consumer-centric infrastructure for travellers as well as the visitors at the airport. "Roseate Hotels understands the needs of Indian customers,
Premium hotel inventory is likely to increase 3.5-4 per cent in the current fiscal with an addition of around 15,500 rooms amid recovery in demand, according to a report. In its report on Wednesday, rating agency Icra said the demand recovery has been better than expected in the last few months, aided by domestic leisure travel, pent-up demand from meetings, incentives, conference and events, including weddings, and gradual recovery in business travel and foreign tourist arrivals. "The healthy demand uptick has resulted in a pick-up in new supply announcements over the last 4-5 months. Further, construction activity in projects stalled post Covid has also commenced recently. "However, the hotel supply pipeline is expected to grow only at a 5-year CAGR of 3.5-4 per cent, adding approximately 15,500 rooms to the pan-India premium inventory of 94,800 rooms across 12 key cities in India," Icra Vice President and Sector Head - Corporate Ratings, Vinutaa S said. She also said the current
Hospitality and travel-tech firm OYO is currently working towards bringing a 'green tag' for sustainable hotels listed on its platform, CEO Ankit Gupta said on Tuesday. The 'green tag' will be assigned to hotels that are eco-friendly in terms of features like using solar power enhanced efficient lighting and rainwater harvesting. "We are working towards a 'green tag' for all sustainable hotels on our platform," Gupta said at a Ficci event here. Sharing OYO's future plans, he said, "We are basically thinking about launching green tagged hotels, hotels that are eco-friendly in terms of using solar power enhanced efficient lighting, rainwater harvesting or the likes of it and for the more eco-friendly customers".