Himachal Pradesh Tourism Sector to Benefit from INR 2,500-crore Project Approval

Himachal Pradesh Tourism Sector to Benefit from INR 2,500-crore Project Approval

By Author

Published on November 12, 2023

The Himachal Pradesh government has given the green light to a massive INR 2,500-crore tourism development project, according to R S Bali, the chairperson of the Himachal Pradesh Tourism Development Corporation (HPTDC). The announcement was made by Mr. Bali during the inauguration of the Asian Rafting Championship in Nadaun, located in the Hamirpur district.

Chief Minister Sukhvinder Singh Sukhu has entrusted Mr. Bali with the responsibility of overseeing this ambitious project, which is set to receive aid from the Asian Development Bank (ADB). The project will entail the development of various key facilities in Nadaun, including a tourism corporation hotel, a wellness center, and a water sports center. Detailed project reports have already been prepared for these ventures.

The Asian Rafting Championship, spanning three days, has attracted the participation of twenty-four teams from countries such as Nepal, Bhutan, and Kazakhstan, as well as Indian organizations like the Indian Army and the Border Security Force. Representatives from various states, including Karnataka and Sikkim, are also taking part in the competition. The championship kicks off in the Beas River near Nadaun and covers a 25-kilometer race route, culminating at Chambapatna near Dehra in Kangra district.

To ensure the safety of participants and spectators during the race, the Indian Army has deployed a helicopter, and both state disaster response force teams and police personnel are on standby for any emergency situations that may arise. The championship is divided into three categories - men's, women's, and mixed rafting.

The approval of the INR 2,500-crore tourism development project marks a significant milestone for the tourism sector in Himachal Pradesh. This investment will not only enhance the facilities in Nadaun but also contribute to the overall growth of the tourism industry in the state. With the support of the Asian Development Bank, Himachal Pradesh aims to further strengthen its position as a major tourist destination, offering visitors a wide range of experiences and attractions to enjoy.

Hotels Across Germany are Filling Up for UEFA Euro 2024

Hotels Across Germany are Filling Up for UEFA Euro 2024

By Nithyakala Neelakandan

Published on June 8, 2024

With summer fast approaching, excitement is building for the 2024 UEFA European Football Championship, kicking off on Friday, June 14th. The tournament, set across various locations in Germany, is not only stirring up enthusiasm among football fans but is also significantly impacting hotel bookings throughout the country. Data from Forward STAR reveals notable spikes in hotel reservations aligned with match dates, indicating a busy season ahead for the hospitality industry.


In the first two weeks of the championship, Cologne is experiencing the highest surge in hotel bookings. As of May 13th, the night of the Switzerland vs. Scotland match on Wednesday, June 19th, has an occupancy rate of 82.3%, with the night before showing 81.5%. Other high-demand dates in Cologne include Saturday, June 15th, for the Switzerland vs. Hungary match (79.6%), with additional matches on June 22nd and June 25th also seeing strong bookings.


Leipzig is another hotspot, with bookings peaking at 79.3% on June 21st for the Netherlands vs. France match. Stuttgart follows closely, showing high occupancy rates for Hungary's matches against Germany on June 19th (76.2%) and Scotland on June 23rd (72.5%).


Dusseldorf sees significant bookings for the Austria vs. France match on June 17th, with an occupancy rate of 74.7%. Munich is also performing well, with June 19th showing an 80.1% booking rate ahead of the Serbia vs. Slovenia match, and a 67% booking rate for the Germany vs. Scotland match on June 14th. In Frankfurt, the Denmark vs. England match on June 20th has driven occupancy to 64.0%.


On the lower end of the spectrum, Berlin and Hamburg have not yet seen as significant an impact. Berlin's highest booking night is for the Netherlands vs. Austria match on June 25th, with an occupancy rate of 54.5%. The city is set to host the championship game on July 14th, with a spike in bookings expected once the finalists are confirmed.

Hamburg shows its highest occupancy for the Georgia vs. Czechia match on June 22nd at 57.7% and for the Poland vs. Netherlands match on June 16th at 53.2%. Interestingly, the night before the Poland vs. Netherlands match sees a notable increase in bookings at 72.3%.

Looking back, the 2021 championship held at London's Wembley Stadium saw significant hotel performance spikes, particularly on the nights of the semi-finals and finals. The semi-finals on July 7th, 2021, reached an occupancy of 84.1% with an average daily rate (ADR) of £143.79. The finals on July 11th saw the highest ADR at £154.13 with 83.0% occupancy. Similarly, the 2016 championship in Paris saw peak performance on the night of the finals, with occupancy at 86.3% and high ADR and RevPAR levels.


Forty percent of June and July hotel stays in Germany are expected to come from international guests, with a 29% increase in total bookings compared to the same period in 2023, according to SiteMinder. The average daily rate has risen by 11% to €214. In Berlin, the average room rate has increased by 18% to €189, with bookings up by 28%.

The UK leads in international bookings, followed by the Netherlands, Switzerland, Austria, and the US. This influx presents a revenue opportunity for hotels to offer upgrades, extras, and tailored packages, enhancing guest experiences and maximizing profits.

The anticipation surrounding UEFA Euro 2024 is not only a boon for football fans but also a critical period for the hospitality industry in Germany. With strategic planning and dynamic pricing, hotels can capitalize on this event, making it a memorable summer for all.

MakeMyTrip Records Stellar Growth in FY2024 with Significant Profit and Booking Increases

MakeMyTrip Records Stellar Growth in FY2024 with Significant Profit and Booking Increases

By Nishang Narayan

Published on May 20, 2024

India’s leading travel service provider, MakeMyTrip, has reported exceptional financial results for the fiscal year ending March 31, 2024. Despite the fourth quarter typically being a slower period for leisure travel, the company experienced robust growth across its key financial metrics, reflecting the increased travel demand following the pandemic.

For FY2024, MakeMyTrip reported gross bookings of USD 7,954.4 million, marking a 24.9% increase year-over-year. The revenue, as per International Financial Reporting Standards (IFRS), reached USD 782.5 million, representing a 35.7% growth from the previous fiscal year. These figures showcase the company's strong recovery trajectory and its ability to capitalize on the resurgence of travel interest.

The Adjusted Operating Profit (EBIT) also saw a significant rise, reaching USD 124.2 million for the fiscal year, up from USD 70.3 million in FY23. The Profit for the Period for Q4 FY24 stood at an impressive USD 171.9 million, bolstered by a one-time credit and gain totaling USD 156.7 million.


Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, expressed his satisfaction with the results, stating, “The enthusiastic response from travelers, both leisure and business, has propelled our growth beyond pre-pandemic levels. Our strategic focus on offering a comprehensive portfolio of travel and ancillary products, tailored to the needs of millions including first-time travelers, has been instrumental in achieving these record-breaking results.”

 In addition to financial gains, MakeMyTrip has observed interesting trends in travel searches for Summer 2024. Family travel has increased by 20%, with domestic destinations like Ayodhya and Lakshadweep gaining significant interest. Internationally, destinations such as Baku, Phuket, and Abu Dhabi are seeing an uptick in search queries, reflecting the global appeal among Indian travelers.

These results not only highlight MakeMyTrip’s successful adaptation in a dynamic market but also indicate a positive outlook for the travel industry’s continued recovery and growth. As the company prepares for the upcoming travel seasons, it remains committed to enhancing its service offerings to meet the evolving preferences of its customers.

For more detailed insights into MakeMyTrip’s financial performance and future plans, visit their official website or contact their investor relations team.

This comprehensive overview of MakeMyTrip’s fiscal achievements in 2024 underscores the company's resilience and innovative approach in adapting to the post-pandemic travel landscape, setting a robust foundation for future growth.

Middle East Hotel Construction Pipeline Sees Growth in Q1 2024

Middle East Hotel Construction Pipeline Sees Growth in Q1 2024

By Nithyakala Neelakandan

Published on May 19, 2024

The latest report from Lodging Econometrics (LE) provides valuable insights into the thriving hotel construction landscape in the Middle East, particularly during the first quarter of 2024. Amidst evolving trends and increasing demand, the region experienced a notable 5% increase in projects year-over-year, culminating in a total of 612 projects encompassing 144,222 rooms.

As of Q1 2024, the Middle East showcases a robust construction scene, with 302 projects actively underway. Furthermore, 133 projects are slated to commence construction within the next 12 months, indicating a 28% increase in projects year-over-year. Additionally, the early planning stage witnessed significant growth, with 177 projects in the pipeline, marking an 18% increase from the previous year.

Top Countries:

Saudi Arabia emerges as a frontrunner in hotel development, boasting a record-high of 318 projects, while Egypt closely follows with an impressive count of 103 projects. These nations demonstrate substantial investment in the hospitality sector, reflecting their commitment to meeting the growing demand for accommodations.

Major Cities:

Within the Middle East, certain cities and provincial regions stand out for their burgeoning hotel construction pipelines. Provincial areas, alongside cities like Riyadh, Jeddah, and Cairo, boast the largest number of projects and rooms. This concentration highlights the strategic importance of these urban centers in catering to the region's diverse tourism needs.

Future Outlook:

Looking ahead, the Middle East's hospitality sector is poised for continued expansion, with LE forecasting the opening of 107 new hotels and 26,743 rooms by the end of 2024. Furthermore, an additional 101 new hotels with 26,743 rooms are anticipated to be operational by the close of 2025. These projections underscore the region's enduring appeal as a global tourism destination and signal ample opportunities for stakeholders in the hospitality industry.

The growth witnessed in the Middle East's hotel construction pipeline reflects the region's resilience and adaptability in meeting the evolving needs of travelers. As major events and cultural attractions continue to drive demand, developers are capitalizing on these opportunities to enhance the region's hospitality infrastructure, ensuring a memorable and comfortable experience for visitors from around the world.

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