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By Author
Published on December 27, 2023
As 2023 winds down, it's time to look back at a year that was both challenging and rewarding for the hotel industry. Despite some financial turbulence, the sector saw its fair share of success stories, with certain companies not just surviving but thriving.
The Year in Review: A Mixed Bag for Hotels
The hotel industry globally maintained a steady ship with an occupancy rate hovering near 63%. This was a slight decrease from 2019's 66%, but not too shabby considering the circumstances. Average Daily Rates (ADR) inched up by about 5%, touching around $155 USD.
Interestingly, group room nights bounced back impressively, somewhat offsetting the decline in domestic leisure travel. However, the transactions market hit a bit of a cold patch. The surge in federal funds rate, from less than 1% in early 2022 to 5.25-5.5% by late summer 2023, alongside some early-year bank failures, shook the investment world. This led to a 35% drop in transaction volume compared to the previous year.
Regional Insights
United States: The U.S. saw a bit of softening in hotel fundamentals during the second quarter, as more Americans traveled abroad and international arrivals slowly recovered. However, modest growth in Revenue per Available Room (RevPAR) is expected in late 2023 and early 2024, thanks to improved business and group travel.
Caribbean: The region kept its momentum, with significant increases in visitor arrivals. New hotel projects are on the horizon for 2024, signaling investor confidence in the Caribbean market.
Europe: Driven by pent-up consumer demand, Europe's hotel sector showed signs of recovery, especially in the luxury and upscale segments. However, investment remained cautious due to higher debt finance costs.
Asia-Pacific: Domestic tourism made a comeback, but international visitors were slower to return. The Chinese market played a crucial role in boosting Hotel ADR in most areas.
2023's Standout Performers
Marriott International Inc.: Leading the pack with a 22% year-over-year revenue increase to $23.541 billion, Marriott's diverse portfolio played a significant role in its resilience.
MGM Resorts International: Garnering $15.38 billion in revenue, a 22.15% increase, MGM benefited from its combination of resort and gambling services.
Caesars Entertainment Corp: Marking an 8.81% increase in revenue to $11.524 billion, Caesars' strategic expansion and entertainment offerings paid off.
Hilton Worldwide Holdings: Hilton's global presence and diverse brands helped it achieve a 23.33% revenue jump to $10.070 billion.
Hyatt Hotels Corp: With a focus on customer experience and expansion, Hyatt saw a 22.61% increase in revenue, reaching $6.595 billion.
Las Vegas Sands Corp: A staggering 114.3% increase in revenue to $8.574 billion, thanks to its entertainment diversification.
Galaxy Entertainment Group: A monumental 374% jump in net revenue to $9.7 billion, Galaxy leveraged its focus on the Asian market.
Looking Ahead to 2024
The outlook for 2024 in the hotel industry is cautiously optimistic. A slow start is expected, but momentum should build towards a strong finish. The U.S. might dodge a recession, and with potential Fed rate cuts, transaction activity could see an uptick in the hotel sector and beyond. The key will be adaptability and strategic positioning in an ever-evolving market landscape.
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By Nishang Narayan
Published on May 14, 2025
SOCIAL, India’s favourite neighbourhood café, has unveiled its latest culinary celebration—the ‘Mumbai Local Heroes’ menu, a bold tribute to the city’s vibrant street food culture. Now available across all 17 SOCIAL outlets in Mumbai, the menu brings together nostalgic dishes with a SOCIAL twist, paying homage to the rich flavours and iconic food moments of Mumbai.
Drawing inspiration from the city’s beloved street vendors and timeless recipes, the curated menu reimagines local classics into something bold, modern, and unmistakably Mumbai.
From Samosa Bhakarwadi with Thecha, a fiery fusion of flaky samosa filling and spicy thecha, to the cheesy and indulgent Beet(root) That Toastie with garlic chutney, each dish is crafted to awaken memories and taste buds. Kothimbir Vadi, served with coconut chutney, and Crispy Chana Garlic, with golden Kabuli chana, are the perfect crunchy companions.
Meat lovers can dig into Kandivali Fried Chicken paired with mint chutney or the adventurous Pohe Bhujing—BBQ chicken with Savji-style poha. Seafood fans are in for a treat with East Indian Fish N Chips featuring rawa-fried bombil and banana chips, or Hirva Masala Zinga, prawns cooked in green thecha. The much-loved Prawns Koliwada and Kombadi Wade Kala Mutton Taco complete the meaty indulgence.
For a sweet finish, the Teen Leches Bread & Butter Pudding offers a Mumbai-style comfort dessert like no other.
“Mumbai's food culture is more than just a collection of flavors—it's a feeling, a memory, a shared experience that brings people together,” said Chef Glyston Gracias, City Chef - Mumbai, Impresario Entertainment & Hospitality Pvt Ltd. “With the 'Mumbai Local Heroes' menu, we set out to honour these iconic flavours and reimagine them with a SOCIAL twist—something fresh, something unexpected, yet deeply rooted in the city's soul.”
Available all day, every day, the new menu is being served at SOCIAL’s 17 Mumbai locations including Colaba, Khar, Palladium, Carter Road, Vashi, Vikhroli, Versova, Malad, Chembur, Ghatkopar, New Cuffe Parade, Capital (BKC), Goregaon, Dadar, Nesco, Powai, and Thane.
This new offering is yet another example of SOCIAL’s deep connection with the neighbourhoods it serves—serving up food, memories, and the flavour of Mumbai on every plate.
TGI Hotels and Resorts, in partnership with Jayaram Hotels, has officially launched The Shore Trishvam – A Pondy Beach Resort, a premium coastal retreat in the heart of Puducherry. Nestled right on the sun-kissed shoreline, this new property promises an elegant yet soulful experience that combines luxurious comfort with the vibrant culture of Pondicherry.
Owned by the reputable Jayaram Hotels group, The Shore Trishvam features 65 beautifully designed rooms and 6 opulent private pool villas, offering guests a chic and tranquil beach escape. The resort also boasts a 2,000-person capacity lawn, a modern conference hall, gourmet dining options, and a spa and wellness center, making it ideal for both leisure vacations and grand events.
The resort is part of the Trishvam brand by TGI Hotels, which focuses on “Recrafting Memories” through nostalgic design, immersive experiences, and a sense of soulful leisure. The Shore Trishvam aligns with this philosophy, curating an atmosphere where guests feel truly connected—with themselves, nature, and the local culture.
Whether you're planning a destination wedding, corporate offsite, or a relaxing luxury getaway, The Shore Trishvam offers an unmatched blend of functionality and flair. With direct access to the beach and a serene environment, it promises to be one of Puducherry’s most sought-after stays.
This marks TGI Hotels’ second foray into Puducherry, following the success of Atithi TGI Grand, a much-loved city hotel known for its warmth and hospitality.
“We are thrilled to expand our presence in Puducherry with the launch of The Shore Trishvam,” said Amit Kumar, Chief Marketing Officer, TGI Hotels and Resorts. “This collaboration with Jayaram Hotels reflects our shared vision of delivering world-class hospitality experiences to discerning travellers. With The Shore Trishvam, we aim to redefine beachfront luxury while celebrating the cultural soul of Pondicherry.”
With this launch, TGI Hotels and Resorts continues to grow its footprint in South India, reinforcing its commitment to crafting high-quality hospitality experiences in the region’s top leisure destinations.
Indiranagar has a new reason to raise a toast with the opening of BRICKS Bar & Kitchen, a laid-back rooftop bar that’s all about building great vibes and better connections. Conveniently located near the Domlur Flyover on 100ft Road, BRICKS steps away from the high-energy nightlife to offer a warm, community-focused space where locals can unwind multiple times a week.
After a successful launch in JP Nagar in 2024, this marks the second outpost for BRICKS—and it's designed to feel like your own neighborhood escape. Wrapped in lush greenery and accented with warm wooden interiors, the rooftop space balances comfort and style, making it perfect for after-work drinks, chilled weekends, or catching live music under the stars.
"The name 'BRICKS' symbolizes a strong foundation—not just in structure, but in relationships," shares Parunraj Alexander, Operations Head at BRICKS Bar & Kitchen, Indiranagar. "We've created a space where friendships and stories are built and strengthened over food and drinks."
True to its ethos, the bar offers a carefully crafted menu with something for everyone—quick bites, tandoori grills, and local comfort food that pairs perfectly with craft cocktails, beers, and spirits. The drinks menu caters to casual sippers and cocktail enthusiasts alike.
Guests can look forward to regular live bands, DJ nights, and major sporting screenings, making it a versatile venue that transitions effortlessly from weekday chill to weekend thrill.
Walk-ins are always welcome, and reservations can be made via Google, Zomato, Swiggy, or EazyDiner. For group bookings or direct inquiries, reach out at +91-78801 14295.
So if you're in Indiranagar and craving a rooftop vibe that feels like home—BRICKS Bar & Kitchen is the new go-to.
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