Business Travel Set to Break Records in 2024, Surpassing Pre-Pandemic Levels

Business Travel Set to Break Records in 2024, Surpassing Pre-Pandemic Levels

By Nithyakala Neelakandan

Published on October 13, 2024

Business travel is set to reach a record-breaking $1.5 trillion in 2024, according to a report by the World Travel & Tourism Council (WTTC). This significant recovery marks a faster-than-expected rebound, with business travel poised to exceed pre-pandemic levels by 6.2%.

The pandemic had a greater impact on business travel than leisure, largely due to the rise of remote working and virtual meetings. Last year, while leisure travel came close to its 2019 peak, business travel was still lagging, down by 5.4%. However, as companies re-emphasize the need for in-person meetings, business travel has surged ahead.

Key Markets Lead the Comeback

The WTTC’s "2024 Economic Impact Trends Report" highlights the recovery in major markets. The U.S., which accounted for 30% of global business travel spending in 2019, is expected to reach $472 billion in 2024, a 13.4% increase from its 2019 peak. China, the second-largest market, is projected to see business travel spending rise by 13.1%, reaching almost $211 billion. Germany, the third-largest market, is forecasted to hit $87.5 billion, just under 1% higher than its 2019 levels. Meanwhile, the UK and France are expected to set new records, contributing $84.1 billion and $42.1 billion respectively to their economies.

WTTC President & CEO Julia Simpson commented on the report at the 24th Global Summit in Perth, Australia. She noted, “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world.” She also emphasized that while virtual meetings helped maintain connections during the pandemic, face-to-face interactions remain crucial for business success.

The Value of In-Person Meetings

Paul Abbott, CEO of American Express Global Business, reinforced this view, stating, "Companies around the world value travel and in-person connections more than ever, since people movement was restricted during the pandemic." He added that the halt in travel had serious economic consequences, including a drop in GDP, increased unemployment, and worsening mental health issues. Abbott believes that business travel is essential for economic growth and fostering company culture.

Additional Factors Driving Business Travel Growth

The report also attributes the resurgence in business travel to several factors. As global economies recover, companies are able to allocate more funds towards corporate travel. Blended travel, which combines business trips with personal vacations, has gained popularity, making business travel more appealing. The meetings, incentives, conferences, and exhibitions (MICE) sector has also seen a strong recovery, with in-person events returning after widespread cancellations during the pandemic.


IPO-bound Brigade Hotel Ventures Raises ₹126 Crore from 360 ONE, Cuts IPO Size

IPO-bound Brigade Hotel Ventures Raises ₹126 Crore from 360 ONE, Cuts IPO Size

By Nishang Narayan

Published on July 5, 2025

Brigade Hotel Ventures Limited, the second largest owner of chain-affiliated hotels and rooms in South India, has raised ₹126 crore in a pre-IPO placement round, bringing a strategic investor on board ahead of its planned initial public offering.

The company issued 1.4 crore equity shares to 360 ONE Alternates Asset Management Limited (360 ONE) at ₹90 per share (including a premium of ₹80) in consultation with lead bankers. This placement, representing 4.74% of Brigade Hotel Ventures’ pre-offer share capital, effectively trims the IPO size announced in the DRHP from ₹900 crore to ₹774 crore.

The company intends to use approximately ₹481 crore from the IPO proceeds for debt repayment, including ₹412 crore for Brigade Hotel Ventures and ₹69 crore for its subsidiary, SRP Prosperita Hotel Ventures. Additionally, around ₹108 crore is earmarked to purchase an undivided share of land from its promoter BEL, while the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.

A wholly owned subsidiary of Brigade Enterprises Limited, one of India’s leading real estate developers, Brigade Hotel Ventures owns and develops hotels across key Indian cities, with a strong focus on South India. The company operates nine hotels with 1,604 keys, holding the second largest portfolio of chain-affiliated hotels and rooms in South India, spanning Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, and the Union Territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.

With this pre-IPO boost from 360 ONE, Brigade Hotel Ventures is better positioned to move forward with a leaner public offering, a sharper focus on debt reduction, and strategic expansion in India’s growing hospitality sector.


From Hospitality Heritage to Retail Hotspots: NCR Malls Ride High on H1 2025 Footfall

From Hospitality Heritage to Retail Hotspots: NCR Malls Ride High on H1 2025 Footfall

By Nishang Narayan

Published on June 19, 2025

The first half of 2025 has seen an impressive rise in footfall across the National Capital Region's leading malls. From luxury retail to street-style heritage, and from lifestyle destinations to modern entertainment hubs, these malls have emerged as more than just shopping spaces—they’re cultural and experiential hotspots.

Ambience Malls: Curated Luxury Meets Everyday Delight

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Both Ambience Malls in Vasant Kunj and Gurugram have recorded a 10% rise in footfall compared to the same period in 2024. According to Arjun Gehlot, Director, this growth is the result of a carefully curated brand mix and consistent innovation in guest experience.

In Gurgaon, the addition of brands like Dior, JJ Valaya, Lego, True Religion, and Kalyan Jewellers has expanded the mall’s premium and family-friendly footprint. Meanwhile, Vasant Kunj welcomed PF Chang’s, Blue Tokai, New Balance, and Domino’s, blending global dining with casual fashion and everyday favourites. Together, these additions are positioning Ambience as a space for both indulgence and accessibility.

Omaxe Chowk: Old Delhi’s Soul in a Modern Shell

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Bringing order to the charming chaos of Chandni Chowk, Omaxe Chowk continues to gain momentum by modernising heritage retail. Executive Director Jatin Goel says their success comes from "respecting traditional shopping culture while offering modern conveniences."

New launches in 2025 include House of Surya, Twamev, PALMONAS, Khan Baba, KD Salon, and more—each contributing to a rich mix of ethnic fashion, regional food, and wellness. Anchors like Tanishq, Kalyan Jewellers, Imperfecto Mehfil, and Ghoomar remain crowd-pullers, enhancing the mall’s appeal among families and culturally curious tourists.

Vegas Mall, Dwarka: A Full Lifestyle Ecosystem

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Vegas Mall in Dwarka has expanded significantly in H1 2025 with an intentional focus on fashion, wellness, and lifestyle experiences.
According to Ravinder Choudhary, Vice President, their goal is to create a “lifestyle ecosystem” where every visit feels immersive.

Recent additions include Bewakoof, Libas, AND, Being Human, and Centre for Sight, making the mall a well-rounded destination for shopping, dining, and wellness—all under one roof.

Gaur City Mall: Premium Retail in Greater Noida West

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Positioned as the go-to lifestyle hub for Greater Noida West, Gaur City Mall is redefining destination shopping. With eight major jewellery stores including Candere by Kalyan and CaratLane, it has firmly staked its claim as a jewellery hotspot.

The addition of Van Heusen Women, Libas, Theobroma, Starbucks, and the soon-to-launch Funcity enhances the mall’s family-friendly image. As Sarthak Gaur, Director, Gaurs Group, shares, “We’re creating more than a shopping centre—we’re building a community destination.”

What’s Driving This Footfall Surge?

  • Balanced brand mix: Premium, mass, and experiential

  • Dining & entertainment: A focus beyond retail

  • Cultural relevance: Especially evident in malls like Omaxe Chowk

  • Accessibility: Catchment areas are expanding

  • Repeat engagement: Via events, promotions, and seasonal campaigns

Looking Ahead: Festive-Ready for H2 2025

With the festive and wedding seasons around the corner, these malls are gearing up for even stronger footfall and premium brand launches. The focus remains on curating holistic, culturally connected experiences—where shopping meets community, tradition meets innovation, and every visit brings something new.


Global Investors Flock to ROMM Convent’s Rare Wellness Penthouses in Bangkok

Global Investors Flock to ROMM Convent’s Rare Wellness Penthouses in Bangkok

By Nishang Narayan

Published on June 6, 2025

Bangkok’s luxury real estate scene just got hotter. Proud Real Estate has unveiled a rare opportunity for global investors with the release of two duplex sky penthouses at the award-winning ROMM Convent in the city’s prestigious Sathorn-Silom CBD. These homes are more than just residences—they're a bold blend of wellness, luxury, and investment value.

Spanning 418–467 sqm with soaring 6.45-meter ceilings and private rooftop gardens, these penthouses are the only units of their kind at ROMM Convent. With panoramic views of Bangkok’s skyline and wellness-focused design backed by a 2-Star Fitwel certification, they are already turning heads among discerning investors. Rental yields range from 4% to 5.8%, with capital gains between 3% and 5.4% annually, making this a standout asset in Southeast Asia's fast-rising property market.

A Crown Jewel in Bangkok's Wellness Real Estate
ROMM Convent has already earned accolades from the Asia Pacific Property Awards and PropertyGuru, including Best Wellness Residences Development and Best Architectural Design. This reputation, combined with wellness-integrated amenities and smart home systems, positions the development at the forefront of lifestyle investments.

Residents enjoy world-class features such as:

  • A private rooftop garden visible from both living and bedroom spaces

  • Full-height glass windows with cityscape views including MahaNakhon and One Bangkok

  • Gourmet kitchen with an Ice Jade island, Gorenje ORA ITO appliances, and a 46-bottle wine cellar

  • Walnut wood flooring, stone-clad kitchens, and luxury bathroom fittings

  • Four bedrooms, five bathrooms, and a multi-use space for entertainment or work

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Health Meets Hospitality

ROMM Convent takes luxury a step further with health-first services. Residents enjoy access to a 24/7 Health Butler Concierge, exclusive VVIP privileges at BNH Hospital and BeDee by BDMS, and six levels of wellness amenities designed for mind-body well-being. Its 2-Star Fitwel Certification marks it as one of Bangkok’s few health-optimized luxury addresses.

Strong Market, Limited Availability

Bangkok’s luxury market has grown consistently, with large-format residences in prime districts witnessing rising demand from international buyers. With foreign quotas nearing capacity, Proud Real Estate has introduced a limited-time Early Investor Package—available until June 30, 2025. This includes bespoke layout customization and access to premium healthcare services, adding more weight to its already strong value proposition.

Attractive Entry Point in Prime Bangkok

Priced from THB 290,000 per sq.m., the duplex sky penthouses offer compelling value compared to global luxury capitals. Investors gain not only a home but also a globally benchmarked lifestyle, tailored wellness services, and a strategic long-term asset in one of Asia’s most dynamic cities.

A Final Call to Wellness-Led Luxury

As Bangkok’s skyline evolves and demand for wellness-integrated living surges, ROMM Convent’s duplex penthouses stand at the intersection of legacy, luxury, and long-term investment. With only two units available, this is a unique moment for global investors to secure a foothold in Thailand’s most exclusive wellness residence.

For more details, visit Proud Real Estate or call +662-026-8999.

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