Hospitality Heroes of 2023: Leading Amidst Market Shifts

Hospitality Heroes of 2023: Leading Amidst Market Shifts

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.

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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.

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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.


Karanveer Singh and Pawan Mudgal of Amritara Hotels & Resorts Win Outstanding Leadership Awards 2025

Karanveer Singh and Pawan Mudgal of Amritara Hotels & Resorts Win Outstanding Leadership Awards 2025

By Manu Vardhan Kannan

Published on August 22, 2025

Amritara Hotels & Resorts’ leaders, Mr. Karanveer Singh and Mr. Pawan Mudgal, have been honored with the Outstanding Leadership Awards 2025 by MakeMyTrip. The event, hosted by MakeMyTrip in Gurgaon on 7th August 2025, recognized individuals who have demonstrated exceptional leadership and an unwavering commitment to excellence in the hospitality industry.

The award celebrates visionary leadership, innovation, and commitment to excellence in the hospitality industry. Both leaders have played pivotal roles in driving Amritara Hotels & Resorts to new heights in customer satisfaction, revenue growth, and brand positioning.

Mr. Karanveer Singh, with his expertise in revenue management and strategic planning, has been instrumental in elevating the performance of Amritara properties, consistently ensuring top rankings in competitive markets. His innovative approach towards pricing, distribution, and customer engagement has set new benchmarks for the brand.

Mr. Pawan Mudgal, with his extensive leadership experience and sharp business acumen, has been a driving force in strengthening Amritara’s market presence. His ability to align teams with the brand’s vision and his relentless pursuit of operational excellence have contributed immensely to the group’s success.

Speaking on the recognition, the awardees expressed their gratitude to MakeMyTrip and dedicated the honor to the hard work and dedication of the Amritara Hotels & Resorts team.

"This award is not just a personal achievement, but a reflection of the collective efforts of our incredible team at Amritara Hotels & Resorts. Together, we are committed to redefining hospitality with innovation, authenticity, and exceptional guest experiences," said Mr. Singh and Mr. Mudgal in a joint statement.

The Outstanding Leadership Award 2025 reinforces Amritara Hotels & Resorts’ commitment to excellence and further strengthens its position as one of India’s leading hospitality brands.


Akasa Secures ₹1,200 Crore Investment to Fuel Global Expansion Plans

Akasa Secures ₹1,200 Crore Investment to Fuel Global Expansion Plans

By Manu Vardhan Kannan

Published on August 22, 2025

Akasa, India’s youngest airline, has successfully completed a fresh investment transaction of about ₹1,200 crore, welcoming new investors such as Premji Invest, 360 ONE Asset, and the investment office of Ranjan Pai. The Jhunjhunwala family, an existing investor, also infused additional capital into the airline.

The airline, which began operations three years ago, announced that the closure of this funding round followed the receipt of all requisite regulatory approvals. Despite facing losses like most startup airlines, Akasa has ambitious plans for expansion, with a fleet of 30 aircraft currently in service and 190 Boeing 737s on order.

Akasa termed this investment a “significant milestone” in its growth journey and shared its aspiration to be among the top 30 airlines in the world by the end of this decade. The funds will be directed toward expanding operations, enhancing customer experience, and investing in safety, reliability, and advanced technology.

Vinay Dube, founder and CEO of Akasa, expressed gratitude to both new and existing investors, saying, “We warmly welcome our new investors to the Akasian family and deeply appreciate their confidence in our team. Their support affirms our vision and strengthens our ability to scale sustainably while keeping customers and employees at the heart of our operations. We remain especially grateful to the Jhunjhunwala family for not just helping us take flight but for their continued belief in our dream to redefine air travel in India.”

Manoj Jaiswal of Premji Invest highlighted the growth potential of Indian aviation, stating, “We are excited to partner with Akasa, India's fastest growing airline, in its next phase of growth. We believe Indian aviation industry has strong growth potential, domestically and beyond. Team Akasa is brilliantly positioned to execute on this opportunity.”

Umesh Agrawal, fund manager of 360 ONE Asset, added, “We are elated to partner with Akasa Air at a time when India’s aviation sector is poised for tremendous growth. This investment will support Akasa Air’s mission to build a customer centric airline.”

Shyam Powar, chief investment officer at Claypond Capital, also expressed confidence, saying, “What excites us is not just the scale of the opportunity, but the passion and purpose with which the team is building this airline. We are proud to back Akasa and look forward to supporting them in their journey to build a world class airline from India.”

Currently, Akasa serves 23 domestic and six international cities, and has flown over two crore passengers since its inception.


Tubata Opens in Delhi as a Sensory Playground of Flavours and Design

Tubata Opens in Delhi as a Sensory Playground of Flavours and Design

By Manu Vardhan Kannan

Published on August 22, 2025

Delhi’s culinary landscape has welcomed a new and imaginative entrant with the launch of Tubata in Pitampura, introduced by restaurateur Neeraj Aggarwal, over a decade after he unveiled his first venture, Lotus Leaf.

Tubata is not just a restaurant, it has been envisioned as a sensorial playground and a being inspired by the raw forces of nature. According to the release, it is “a mystical creature born from the elements of air, land, and ocean, where bold flavours, evocative design, and elemental spirit come together in perfect balance.”

Sharing his vision, Aggarwal said, “Tubata is not just a restaurant, it’s a feeling. It’s a space to indulge, to celebrate, to disconnect from the noise and reconnect with something primal, something beautiful. It’s refined, imaginative, and unapologetically distinctive.”

Tubata’s identity draws from the harmony of opposing worlds, with its emblem, the leopard, symbolising grace, mastery, and movement. The interiors reflect lush foliage, marine coral, and fluid natural forms, echoing the philosophy that indulgence is not excess, but alignment with nature’s rhythm.

The restaurant’s design presents a mix of unmatched aesthetics, cosy interiors, and a hint of glamour. It takes guests back to an era of good food and good mood, offering a cosmic play of a bespoke global experience. The multi-cuisine menu has been curated by a culinary team driven by curiosity and craft, reimagining familiar flavours while also introducing innovative creations.

Tubata also evolves with time. By day, it offers a soulful, inviting space for relaxed lunches, conversations, or quiet indulgence. By night, the atmosphere shifts as the lights deepen, the drinks flow, and the space transforms into a lively destination filled with rhythm and celebration.

Aggarwal summarised, “With an identity rooted in evolution, transformation, and sensory delight, Tubata is not your regular restaurant, it’s an experience, vibe and memory. With all ingredients amalgamated together, Tubata will surely give you reason to visit again and again.”

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