Ascott Expands Presence in India with Citadines Faridabad Signing

Ascott Expands Presence in India with Citadines Faridabad Signing

By Nishang Narayan

Published on December 15, 2024

The Ascott Limited (Ascott), a subsidiary of CapitaLand Investment (CLI), has announced its latest expansion in India with the signing of Citadines Faridabad, set to open in the fourth quarter of 2025. This signing marks Ascott’s first strategic partnership with BBRS Hospitality Wellness LLP and is part of its larger plan to increase its portfolio in India, which will now include 19 properties, both operational and in development. The new property will be located in Sector 21C, Faridabad, a key hub within the National Capital Region (NCR).

The Citadines Faridabad property will offer a range of guest rooms, food and beverage options, and meeting and banquet facilities. This addition follows the successful debut of the Citadines brand in Goa and Gurugram earlier this year, alongside the signing of two Oakwood properties in Bangalore and Navi Mumbai.

Ascott’s expansion plans focus on both metro cities and emerging Tier 2 markets, where the demand for serviced apartments is rising, particularly among families and leisure travellers who value larger spaces with kitchenettes and laundry facilities. With a strong local operational team, Ascott aims to open 12 more properties over the next five years, adding 4,000 rooms to its portfolio across India.

Vikas Ray, Vice President and Head of South Asia at Ascott, said, “India is a key market for Ascott’s global growth, and we are excited to expand our portfolio with brands like Citadines, Somerset, Oakwood, and more. Our global brands such as lyf, an experience-led social living brand, and our The Unlimited Collection and The Crest Collection will also make their mark in India, offering unique stays that provide guests with immersive cultural and heritage experiences.”

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Hoshang Garivala, Country General Manager for India at Ascott, added, “We are thrilled to bring the Citadines brand to Faridabad. This milestone is a significant step in our ambitious growth plans, as we aim to operate over 5,000 units in India within the next five years.”

Chetan Sharma, Managing Partner at BBRS Hospitality Wellness LLP, expressed pride in the partnership, stating, “Ascott’s global presence and reputation make them the perfect partner to bring Citadines to Faridabad.”

Beni Agrawal from GK Hospitality Services, who facilitated the tie-up, also commented, “It has been a privilege to help bring this world-class hotel experience to Faridabad.”

With Ascott’s commitment to expanding in India, the Citadines Faridabad property will cater to the growing demand for quality accommodation in the NCR region, making it an ideal choice for both business and leisure travellers.


Hyatt Hotels to Sell Playa’s Real Estate Portfolio for $2 Billion

Hyatt Hotels to Sell Playa’s Real Estate Portfolio for $2 Billion

By Nishang Narayan

Published on July 5, 2025

Hyatt Hotels is doubling down on its asset-light strategy with a major move—selling Playa Hotels’ real estate portfolio to Tortuga Resorts for $2 billion. This follows Hyatt’s acquisition of Playa in February for $2.6 billion, including debt. Playa operates 24 luxury all-inclusive resorts across Mexico, Jamaica, and the Dominican Republic.

The sale covers 15 of Playa’s resort assets, effectively reducing Hyatt’s net purchase price for the remaining Playa business to around $555 million. The deal, still pending regulatory nods in Mexico, is expected to close before the end of 2025.

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As part of the arrangement, Hyatt and Tortuga will enter into 50-year agreements for these properties, allowing Hyatt to continue managing the resorts. Thirteen of the resorts will operate under Hyatt’s standard management fee structures, with two under separate agreements.

Hyatt CEO Mark Hoplamazian called the move transformational, noting it turns the Playa acquisition into a fully asset-light transaction. "It also ramps up our fee-based earnings," he added. Hyatt now anticipates its asset-light earnings mix could hit at least 90% by 2027.

Analysts view the swift real estate divestment positively, seeing it as a smart way for Hyatt to stay nimble while bolstering returns. Proceeds from this deal will primarily go toward repaying loans taken to finance the Playa buyout.


Novotel Visakhapatnam Varun Beach Earns Green Key Certification

Novotel Visakhapatnam Varun Beach Earns Green Key Certification

By Nishang Narayan

Published on July 5, 2025

Novotel Visakhapatnam Varun Beach, a flagship Accor property, has proudly announced that it has been awarded the Green Key Certification, a globally recognised eco-label that underscores excellence in sustainable tourism and hospitality.

Granted by the Foundation for Environmental Education (FEE)—one of the world’s leading environmental education organisations and recognised by the Global Sustainable Tourism Council (GSTC)—the certification marks a significant milestone in the hotel’s ongoing efforts to integrate eco-friendly practices without compromising guest comfort or luxury.

Lakshmi Sridhar, General Manager, Novotel Visakhapatnam Varun Beach, said, “At Novotel Visakhapatnam Varun Beach, we believe that sustainability is not just a responsibility, but a way of life. Being Green Key certified reinforces our commitment to offering eco-conscious experiences that align with global environmental standards.”

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The hotel has rolled out various impactful initiatives, from using clean, renewable energy and implementing robust waste management practices to driving water conservation, enhancing energy efficiency, and sustainably sourcing products. These measures are designed to benefit not only the environment but also the local community.

As travel trends increasingly lean towards conscious luxury and responsible tourism, this certification positions Novotel Visakhapatnam Varun Beach as a leader in sustainable hospitality in India.


IHCL to Open New Vivanta in Anjuna, Strengthening Goa Portfolio

IHCL to Open New Vivanta in Anjuna, Strengthening Goa Portfolio

By Nishang Narayan

Published on July 5, 2025

Indian Hotels Company (IHCL), India’s largest hospitality player, has announced the signing of a new Vivanta property in Anjuna, Goa. This greenfield project marks another step in IHCL’s strategy to grow its presence across key leisure destinations in India.

Strategically located in Anjuna, celebrated for its vibrant culture and beaches, the upcoming Vivanta Anjuna, Goa will feature 110 well-appointed rooms. Guests can look forward to an array of facilities including an all-day diner, a bar, a swimming pool, a fully equipped gym, and modern conference spaces, catering to both leisure and business travellers.

Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL, shared, “IHCL has been at the forefront of pioneering destinations and has played a defining role in putting Goa on the global tourism map for over five decades. This signing is in line with our strategy to expand IHCL’s presence across segments in key leisure markets. We are delighted to strengthen our partnership with Fiesta Hotels with this new project.”

The hotel is being developed by Fiesta Hotels Pvt. Ltd., led by directors Ravinder Kumar, Manju Vardhan, Raj Vardhan, Harsh Vardhan, Gagan Garg, and Gaurav Garg, who have deep investments in real estate and hospitality. Ravinder Kumar, Director, Fiesta Hotels Pvt. Ltd., said, “We are proud to collaborate with IHCL through the addition of our second hotel in Goa. It stands as a testament to our shared vision to deliver exceptional experiences in one of India’s most cherished destinations.”

Goa continues to attract travellers with its sun-soaked beaches, Portuguese-era architecture, thriving culinary and music scene, and vibrant local communities. With this signing, IHCL’s Goa portfolio grows to 18 hotels, including five under development, underscoring its long-standing commitment to shaping Goa’s tourism landscape.

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