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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 Hariharan U
Published on November 15, 2026
Mumbai-based dairy brand Punjab Sind is expanding beyond paneer with its entry into the artisanal ice cream segment, introducing a range of small-batch flavours made using quality milk and Italian ingredients. The move marks another step in the family's effort to build a broader dairy portfolio while drawing on its experience in dairy production.
The brand's journey began with Jagjit Singh Bajaj, who established the family's paneer business. His son, Jasvinder Singh Bajaj, subsequently gave the business a distinct brand identity and developed its market presence. The name Punjab Sind draws inspiration from Mumbai's Khar neighbourhood in the 1990s, when Punjabi and Sindhi communities formed an important part of the area's cultural and food landscape.
With its new ice cream range, Punjab Sind is bringing its understanding of dairy into another category. The products are made in small, fresh batches using Italian machinery, with an emphasis on ingredient quality, consistency and texture. Their higher-fat composition gives the ice creams a rich, creamy mouthfeel. Each scoop contains approximately 5–10 grams of protein, although the range is positioned primarily as an indulgent dessert rather than a health-focused product.
The collection includes Melon, Tiramisu, Biscoff, Wild Berries and Malai Kulfi, alongside familiar choices such as Vanilla and Mango, the latter made with Alphonso mango. Other options include Coffee, Chocolate, Hazelnut and Pistachio, as well as Raspberry and Mixed Berry Sorbets.
The brand is also exploring ways to incorporate ice cream into more elaborate dessert creations. One example is the Milky Way Sundae, which pairs malai ice cream with warm milk cake. The combination brings together contrasting temperatures and textures while drawing on familiar dessert flavours.
Punjab Sind plans to keep the range evolving through seasonal fruit flavours, creations inspired by Indian mithai and other experimental combinations.
Speaking about the brand's expansion, Jasvinder Singh Bajaj said, "Our journey began with my father, Jagjit Singh Bajaj, who started our paneer business, and I have always believed in carrying that legacy forward while finding new ways to serve our customers. With our artisanal ice creams, we wanted to bring the same commitment to quality into a new category, using real milk, rich cream and authentic ingredients without compromising on taste or texture. Made in small batches, each flavour reflects our belief that good dairy takes time, care and craftsmanship. For us, ice cream is more than a dessert; it is about creating moments of happiness and sharing something we truly believe in. As we grow, our aim is to keep innovating while holding on to the values that have shaped Punjab Sind across generations."
Alongside its ice cream launch, Punjab Sind is preparing to introduce new packaging and an improved recipe for its high-protein paneer around Dussehra. According to the brand, the revised formulation will provide 7–10 grams of protein in every 200-gram pack, while retaining the soft texture and familiar taste of paneer.
The company says the new formulation is intended to offer a protein-rich option that remains suitable for everyday cooking, without the firm or dense texture sometimes associated with high-protein paneer.
Looking ahead, Punjab Sind plans to explore additional categories, including sweets, pickles and bakery products. The developments form part of its broader strategy to evolve from a paneer-focused business into a more diversified dairy and food brand.
Delhi's dining scene has a new coastal address with the opening of HUNGRY HOPPER in Vasant Vihar. Founded by hospitality entrepreneur Jai Batra and Malika Chawla Batra, the restaurant brings together the food traditions of Kerala, Tamil Nadu and Sri Lanka through a menu centred on appams, hoppers, regional curries and seafood.
The 30-seater restaurant marks the founders' entry into a focused coastal dining concept, with plans to open four to five additional outlets over the next three years. The expansion strategy is intended to take the brand's regional food offering to a wider audience while retaining its culinary identity.
The idea behind HUNGRY HOPPER grew from the founders' shared appreciation for appams and hoppers, coastal cooking and their pairing with seafood. Its menu draws on the coconut-led preparations of Kerala, Tamil Nadu's robust spice profiles and Sri Lanka's distinctive tangy flavours.
At the centre of the offering are plain, butter and egg hoppers, flat appams, neer dosa and string hoppers. These are paired with regional curries such as Jackfruit Kari, Coastal Chicken Kari, Prawn Kari and Crab Moilee.
Other menu highlights include Fort Cochin Pepper Jumbo Prawns, Kanyakumari Pepper Crab, Kerala Fish Fry and Kothu Roti. Vegetarian options include Malabar Jackfruit Cutlets and Chettinad Mushroom Parotta Tacos. Regional rice preparations, including Thalassery and Vaniyambadi biryanis, add further variety to the menu.
The dining experience is centred on generous, uncomplicated meals, with guests encouraged to explore different hopper-and-curry combinations, share dishes and eat with their hands. The format places familiar regional food traditions at the heart of the restaurant's proposition.
Speaking about the brand's long-term plans, Jai Batra, Founder, HUNGRY HOPPER, said, "I have always felt that the real measure of a restaurant is not the attention it receives when it first opens, but the place it earns in people's lives over time. That comes down to the decisions made every day, how a team works, how standards are maintained and how thoughtfully the business evolves. We are approaching HUNGRY HOPPER with that long-term perspective. The ambition is to build a brand with its own identity and the discipline to grow without losing sight of what it stands for."
Malika Chawla Batra, Co-Founder, HUNGRY HOPPER, added, "With the launch of HUNGRY HOPPER, we wanted to introduce Delhi to the diversity of coastal food cultures in a way that feels approachable yet distinctive. My background in design and culinary arts has shaped how I look at food, not just as a collection of flavours, but as an expression of culture, craft and identity. I hope this becomes a place that encourages people to discover something new and see these cuisines from a fresh perspective."
A unit of M.J. Hospitality, HUNGRY HOPPER brings a regional coastal dining proposition to Vasant Vihar. Its planned expansion will depend on building a recognisable brand identity while taking its interpretation of South Indian and Sri Lankan food traditions to more diners.
Brand: HUNGRY HOPPER
Founders: Jai Batra and Malika Chawla Batra
Location: First Floor, C-15, Vasant Vihar, C Block Main Market, New Delhi – 110057
Timings: 12:30 PM–3:30 PM and 7:00 PM–11:00 PM
Seating: 30 covers
Expansion Plans: Four to five additional outlets over the next three years
Courtyard by Marriott Madurai is set to welcome 2027 with Casino Eve, a casino-inspired New Year’s Gala Dinner bringing together festive dining, live entertainment and family-friendly activities at Madurai Kitchen on December 31, 2026.
Inspired by the glamour and energy of a Vegas casino night, the celebration will offer guests an evening of food, entertainment and festive experiences. The event is being positioned as an all-ages celebration, with offerings for families, couples and groups looking to mark the arrival of the New Year.
The evening will feature live music, vibrant live food stations, premium beverages, a lucky draw and magician performances. A dedicated kids’ zone with activities for younger guests will also be part of the programme, adding a family-friendly element to the celebrations.
With entertainment and dining planned under one roof, Casino Eve will offer guests an opportunity to celebrate the final evening of 2026 in a lively setting. The casino-inspired theme will provide the backdrop for an evening centred on food, music and shared celebrations.
Event: Casino Eve – New Year’s Gala Dinner
Venue: Madurai Kitchen, Courtyard by Marriott Madurai
Date: Thursday, December 31, 2026
Time: 8 PM onwards
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