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By Author
Published on February 3, 2024
We have carefully curated this newsletter to ensure it becomes your go-to resource for all things hospitality-related. Whether you are an industry professional, an avid traveller, or simply passionate about the art of hospitality, this newsletter will be your gateway to a world of inspiration, knowledge and unforgettable experiences.
Apeejay Surrendra Park Hotels, one of India's prominent hospitality chains operating under the brand name The Park, is poised to enter the public market with an initial public offering (IPO) of equity shares scheduled for 5 February 2024. This move marks a significant milestone in the company's growth trajectory.
During the IPO announcement, Priya Paul, the chairperson of The Park, unveiled the company's ambitious expansion plan. The strategy includes increasing its portfolio to 56 hotels across India by the year 2026. This expansion will extend the brand's footprint and cater to the growing demand for quality accommodation in the country.
The Park also aims to establish a new presence in Ayodhya, one of India's most revered pilgrimage destinations, reflecting the company's strategic focus on tapping into diverse market segments.
The IPO is set to raise Rs9.2 billion ($110.86 million), comprising a fresh issue of equity shares amounting to Rs6 billion ($72.30 million) and an offer for sale (OFS) of Rs3.2 billion ($38.56 million) by selling shareholders. The price band for the shares has been fixed between Rs147 and Rs155 per share, with a minimum bid requirement of 96 shares.
The proceeds from the fresh issue are earmarked for debt repayment and for addressing general corporate purposes. The offer for sale segment includes shares from Apeejay Private and RECP IV Park Hotel Investors, indicating a strategic divestment by existing stakeholders.
The IPO's book-running lead managers include notable financial institutions JM Financial, AXIS Capital, and ICICI Securities. Upon completion, the IPO will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India.
Last year, The Park made a significant entry into Odisha with the inauguration of Zone by the Park Gopalpur. As of now, The Park boasts a network of 30 hotels in 20 cities, encompassing a total of 2,298 keys. Additionally, the company operates 81 food and beverage outlets, including nightclubs, bars, and the iconic Flurys retail chain.
The Park operates under various brands, including The Park Collection, The Park, and Zone by The Park, with a business model that encompasses both asset ownership and brand operations in India.
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By Nithyakala Neelakandan
Published on August 24, 2024
The Bluffs Grand Ho Tram has been awarded the prestigious "Best Golf Course International" title at the Global Tourism Awards, presented by Travel World Online. This significant achievement highlights the course’s dedication to offering an exceptional golfing experience amidst some of the world’s most stunning landscapes.
Known for its unique design, pristine course conditions, and natural beauty, The Bluffs Grand Ho Tram has consistently been a favorite among golf enthusiasts. This international recognition is a testament to the hard work and passion of the entire team, who have continually strived to create an unmatched golfing environment. The course’s commitment to excellence ensures that every round played at The Bluffs is both memorable and extraordinary.
The Bluffs Grand Ho Tram also extends its heartfelt thanks to its guests, whose support and enthusiasm drive the team to maintain such high standards. The resort is excited to continue welcoming golfers from around the globe to experience its award-winning greens and looks forward to many more outstanding rounds of golf in the future.
Located at the Grand Ho Tram in Vietnam, The Bluffs is celebrated not only for its world-class golf course but also for its luxurious amenities and breathtaking scenery. This award solidifies its position as a top destination for golf lovers worldwide.
Published on August 6, 2024
Sterling Holiday Resorts, a leading player in India's leisure hospitality sector, has reported its highest-ever Q1 revenue of ₹126 crore for FY25. This figure marks a 9% year-on-year growth despite various challenges faced during the quarter, such as a nationwide heatwave, election-related travel delays, and fewer wedding dates.
The company’s EBITDA margin stood at a robust 34%, consistent with industry benchmarks, although slightly lower than the previous year due to the opening of five new resorts in Rajasthan, three of which are in Udaipur and still in their ramp-up phase. Sterling has maintained profitability for 16 consecutive quarters.
Sterling’s expansion strategy continues to drive growth, with the company crossing the milestone of 50 resorts, thanks to the addition of two new locations in Dehradun and Udaipur during the quarter. In total, Sterling has opened nine new resorts since Q1 FY24, underscoring its commitment to a balanced portfolio and regional growth.
CEO and MD Vikram Lalvani commented, “Despite numerous headwinds in the first quarter, Sterling delivered its highest ever Q1 revenues and a healthy EBITDA margin, while also ramping up capacity with new resorts. With long term demand trends continuing to be strong, Sterling is poised for sustained growth through asset-right, balanced portfolio growth across regions. Based on our expansion plans of 20 additional resorts and 1,000 keys in the next 12 to 18 months, in phases, we are also investing in building key talent to cater to this growth.”
Sterling’s achievements have been recognized on platforms like TripAdvisor, where 19 of its resorts are ranked No. 1 in their locations, with 65% of its resorts in the Top 5 overall. Additionally, Sterling Puri received the Best Resort for Destination Weddings (East) award at the ET MICE & Wedding Tourism Awards 2024, highlighting the brand’s growing influence in the hospitality industry.
Published on August 1, 2024
Secret Ingredient, a leading consulting firm in the restaurant and hospitality sector, has been selected by Le Meridien New Delhi to re-conceptualize and develop the menu for its rooftop restaurant, Le Belvedere. This collaboration aims to elevate the dining experience at the iconic establishment, known for its panoramic city views and upscale Chinese cuisine.
Le Belvedere will benefit from Secret Ingredient’s expertise in food and beverage (F&B) solutions, including menu innovation and technical management. The consultancy’s role will be to ensure that the restaurant offers high-quality dining experiences that appeal to a wide range of tastes.
Sid Mathur, Founder and Director of Advisory & Strategy at Secret Ingredient, expressed his excitement about the partnership: "We are thrilled to collaborate and work with the talented teams of Le Belvedere to elevate potential F&B offerings. Our aim is to bring innovative and effective solutions that enhance the dining experiences at Le Belvedere."
Tarun Thakral, Executive Director at Le Meridien New Delhi, added, "As a hotel committed to exposing the curious and creative-minded traveller to unexpected and engaging experiences, we are thrilled to partner with Secret Ingredient to elevate our culinary offerings. This collaboration will undoubtedly unlock a new dimension of discovery for our guests, making their experience truly unforgettable."
Kula Naidu, Director of Conceptualization & Branding at Secret Ingredient, emphasized the significance of this partnership in their broader mission to redefine food and beverage concepts in India. "This partnership marks a significant step in our mission to redefine food and beverage concepts in India. We look forward to applying our holistic approach to Le Belvedere and creating outstanding culinary experiences. Our extensive experience and innovative approach will undoubtedly contribute to setting new standards in the industry," Naidu stated.
Secret Ingredient is known for its comprehensive consulting services, including kitchen planning, recipe development, staff training, menu revamping, and brand conceptualization. The firm has worked with several high-profile brands and cloud kitchens across India, contributing to their success with innovative strategies and hands-on expertise.
Some of Secret Ingredient’s notable projects include collaborations with Khyber Hotel Gulmarg, The Grand Dragon Ladakh, Trident’s Kaansa Lyrah, and several other renowned establishments.
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