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.


Security Incident in Delhi: Assessing Its Impact on the City’s Hotel and Tourism Sector

Security Incident in Delhi: Assessing Its Impact on the City’s Hotel and Tourism Sector

By Hariharan U

Published on November 12, 2025

The recent security incident near the Red Fort has cast a temporary shadow over Delhi’s vibrant tourism and hospitality landscape. While an immediate dip in traveler confidence and hotel bookings is likely, the long-term impact will depend on the government’s ability to reassure the public and maintain consistent safety measures.

Authorities acted promptly following the blast, tightening security across key zones including hotels, airports, metro stations, and tourist hotspots. These visible measures aim to restore public confidence and send a clear message that visitor safety remains a top priority.

In the short term, both international and domestic tourist arrivals may see a decline. Foreign advisories and safety concerns could lead to cancellations or deferred travel plans, especially among international visitors. Travel sentiment typically stabilises once official investigations progress and security visibility increases.

India’s hospitality sector has repeatedly demonstrated resilience from recovering after the pandemic to navigating regional disruptions. Many hotel groups are expected to collaborate with tourism boards and government bodies to reassure travellers, enhance safety communication, and offer flexible booking options to maintain occupancy.

Hotels in central areas such as Paharganj, Daryaganj, Connaught Place, and near the Red Fort are likely to feel the initial impact more sharply, with cancellations and slower bookings. Some business and MICE travellers may temporarily choose nearby cities like Gurugram and Noida, which are perceived as less affected.

Luxury chains, backed by established brand trust and corporate clients, are expected to weather the slowdown better than smaller or budget hotels that rely heavily on walk-in leisure guests. To stay resilient, many hotels are likely to introduce flexible rates, enhanced security checks, and clear guest communication to reinforce trust.

A transparent investigation process, frequent public updates, and proactive safety communication will be key to rebuilding trust. Political assurance and visible enforcement efforts play a vital role in signalling stability to residents and international partners alike.

The incident poses a short-term setback for Delhi’s tourism and hotel sectors, particularly as it coincides with the peak season from October to April. However, industry experts remain confident that the disruption will be temporary. With swift government action, consistent messaging, and the industry’s strong recovery framework, Delhi is expected to regain its footing as a safe and thriving destination for both leisure and business travellers.

Image Courtesy: Reuters


Thamel Opens in Gurugram: A Fusion of Western Elegance and Himalayan Warmth

Thamel Opens in Gurugram: A Fusion of Western Elegance and Himalayan Warmth

By Manu Vardhan Kannan

Published on November 12, 2025

CYK Hospitalities, a leading F&B consultancy firm, has announced the grand opening of Thamel, a new Western and Himalayan fine-dining restaurant at AIPL Joy Central, Sector 65, Gurugram. This launch reflects CYK’s philosophy of creating beautiful F&B spaces that bring together authentic culture, aesthetic design, efficient operations, and thoughtful brand identity.

Founded by Piyush Agrawal, Thamel is a tribute to his deep admiration for the diversity of Himalayan cuisine and the sophistication of Western dining. The restaurant aims to bridge the soulful warmth of Himalayan flavors with the contemporary flair of global cuisine. CYK Hospitalities partnered with Agrawal throughout the journey, from conceptualization and design to menu planning, training, and location scouting—ensuring a seamless execution of his culinary vision.

Rooted in the philosophy of using locally sourced ingredients, Thamel stays true to Himalayan authenticity while embracing modern culinary techniques. Its extensive menu features a wide selection of Himalayan and Continental dishes, from momos and laphing to elegant Western specialties, complemented by artisanal coffee and an array of beverages. The dining experience captures the essence of Himalayan hospitality in a refined, modern setting.

Sharing his thoughts on the launch, Piyush Agrawal, Founder of Thamel, said, “Thamel is more than a dining establishment; it mirrors my emotions and passion for my roots. I want guests to experience the comforting essence of Himalayan cuisine served with elegance. CYK Hospitalities helped turn that dream into a reality, crafting a brand that feels both authentic and timeless.”

Adding to this, Pulkit Arora, Director and Culinary Expert at CYK Hospitalities, commented, “Every brand tells a story waiting to be unveiled. At Thamel, we’ve created a space that blends authenticity with flexibility, a destination that celebrates the legacy of cuisines while embracing their evolution.”

Further, Simran Jeet Singh, Director of CYK Hospitalities, said, “Thamel reflects the changing F&B landscape in India, where local identity meets global curiosity. Choosing AIPL Joy Central as the venue was a strategic move to attract the right audience and ensure strong visibility.”

With its blend of Himalayan soul and Western sophistication, Thamel promises to offer guests an unforgettable culinary journey and an elevated dining experience in the heart of Gurugram.


Bangalore Gets a Double Shot of CBD

Bangalore Gets a Double Shot of CBD

By Manu Vardhan Kannan

Published on November 12, 2025

Bangalore’s love affair with great cocktails, bold flavours, and good times gets a stylish new address as CBD – Central Bar District, the city’s homegrown gastro-bar celebrated for its signature mixology and high-energy vibe, opens its second outlet in HAL, Bengaluru.

Set in one of the city’s most vibrant neighbourhoods, the launch drew Bangalore’s favourite faces who gathered to celebrate the next chapter of CBD’s journey. The brand, helmed by Ajit GS, Chef Gaurav Raghuvanshi, and Aman Dua under Crimson & Clover Hospitality Pvt. Ltd., continues to expand its growing portfolio which also includes Flo, Rasai, Café Del Sol, Bento Lab, Chat Chatore, and Curry Express.

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Building on the success of its flagship space on Church Street, the new HAL outlet brings a renewed sense of style, sophistication, and community. Designed as a seamless blend of comfort and energy, it’s a destination that fits perfectly for both weekday unwinds and weekend celebrations.

“The love and loyalty we’ve received since opening our first outlet have been nothing short of phenomenal,” said Ajit GS, Founder of Crimson & Clover Hospitality. “From regulars who turned into friends to first-timers who became fans, it’s this community that pushed us to grow. With HAL, we wanted to bring the same soul but add a new vibe that reflects the neighbourhood’s pulse. This is just the beginning of our vision to create a CBD in every district, each with its own distinct character.”

At the heart of the new outlet lies an inventive culinary and bar program that balances familiarity with experimentation. The food menu, curated by Chef Gaurav Raghuvanshi, celebrates Indian comfort food with creative flair, featuring crowd favourites like Truffle Chicken Sliders and Korean Chilli Prawns, alongside exclusives such as Smoked Ghee Roast Tacos, Charred Burrata Flatbread, and Tandoori Quail. From Sindhi Aloo Tuk and Butter Chicken Puff to Jackfruit Biryani, each dish tells a story of innovation and nostalgia.

The bar, meanwhile, is designed as a canvas of emotion and memory. Each cocktail at CBD HAL reimagines familiar flavours in unexpected ways, from the “Revised Rasam”, a clarified reinterpretation of a South Indian classic, to bold signature creations like Kantara, CBD Gudbad, Rain Water, and Noon in Doon.

“We wanted the new CBD to be a sensory experience where every visit feels fresh and immersive,” said Aman Dua, Co-Founder and Beverage Director. “Our bar menu evolves with the food, blending timeless favourites with seasonal limited-edition cocktails that reflect Bangalore’s dynamic palate.”

Spread across three levels, CBD HAL offers a layered experience. The ground floor creates an intimate atmosphere anchored by a brass-and-wood bar; the first floor opens to breezy outdoor nooks perfect for al fresco evenings framed by a majestic Ficus Bonsai tree; while the top floor pays homage to old Bengaluru through its thotti mane-inspired architecture, seamlessly merging nostalgia with modern comfort.

The interiors balance industrial chic and warmth, featuring murals that celebrate Bangalore’s culture and humour, exposed brick walls, soft lighting, and plush seating, all adding to the relaxed yet refined vibe.

With this launch, CBD – Central Bar District continues its mission of redefining urban nightlife, merging craftsmanship with community, taste with tempo, and indulgence with intent. As the city raises a toast once again, CBD HAL promises an experience where every sip, bite, and beat captures the spirit of Bangalore.

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