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By Author
Published on January 10, 2024
In a significant boost to India's luxury hospitality sector, the Abhinandan Lodha Group, a prominent realty developer, has announced an ambitious plan. They're set to invest a staggering Rs20bn ($240.73m) to develop five luxury hotels in key Indian cities, marking a new era in upscale travel and accommodation in the country.
This grand venture will span across Ayodhya, Vrindavan, Benares, Shimla, and Amritsar, introducing an array of opulent hospitality experiences. In a strategic partnership with Leela Palaces, Hotels & Resorts, the group is poised to redefine luxury in these culturally rich locales.
The highlight of this series is the proposed luxury modern palace hotel in Ayodhya, as reported by The Economic Times. Poised to be an architectural marvel, this hotel will enjoy a scenic location near the upcoming Shri Ram Janmabhoomi Temple, nestled along the lush banks of the Sarayu River.
Part of the expansive Sarayu project by Abhinandan Lodha Group, this development isn't just about hotels. It encompasses a wider 51-acre area, featuring residential plots, villas, and high-rise luxury apartments. The Ayodhya hotel itself, scheduled to open its doors by March 2028, will boast 100 rooms and is expected to see an investment of over Rs4.5bn.
The other four hotels in this project are equally ambitious, each expected to draw significant investment and attention. What makes the Ayodhya property unique is its joint ownership with Leela Palaces, Hotels & Resorts, marking the hotel chain's first foray into a joint venture in luxury property development.
Abhinandan Lodha, the group's chairman, elaborated on the collaboration, noting that the partnership with Leela isn't just about design and development. It extends to managing the clubhouse, serviced villas, and luxury apartments, ensuring an all-encompassing luxury experience for both guests and residents.
This move comes as part of a broader strategy by the House of Abhinandan Lodha, which last year outlined plans to invest over Rs110bn in land acquisitions and developments across India. Focused on leveraging the growing demand for premium land and plotted developments, this investment strategy includes an allocation of Rs30bn for Uttar Pradesh, with Rs12bn specifically earmarked for Ayodhya.
The company aims to fund these ambitious projects through internal accruals, indicating a strong financial footing and confidence in the success of these ventures. This series of luxury hotels promises to not only enhance the hospitality landscape in India but also contribute significantly to the regions' economic and tourism sectors.
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By Nishang Narayan
Published on November 10, 2024
Indian Hotels Company Limited (IHCL), backed by the Tata Group, has announced an impressive second-quarter performance for FY2024-25, with net profit surging 226% year-on-year (YoY) to ₹583 crore. Revenue also climbed by 27.4%, reaching ₹1826 crore.
The company attributed this strong growth to strategic initiatives, including record hotel signings and expansions. Puneet Chhatwal, Managing Director and CEO, highlighted that IHCL has signed 42 new hotels, expanding its portfolio to an industry-leading 350 properties. The company also met its goal of opening two hotels per month, with 14 new properties launched this fiscal year.
Additionally, IHCL is set to take over the management of The Claridges, New Delhi, under a hotel operating agreement starting April 2025, further strengthening its footprint in the capital.
For the first half of FY2024-25, IHCL reported revenue of ₹3376 crore, marking a 16.4% YoY growth. Profit for the same period more than doubled, rising 103% to ₹843 crore.
In another key development, IHCL entered into agreements to acquire a majority shareholding in the Tree of Life brand, enhancing its portfolio with boutique leisure properties.
Ankur Dalwani, Executive Vice President and CFO, noted the company’s robust financial position with a consolidated gross cash of ₹2460 crore as of September 30, 2024. The consolidation of TajSATS into IHCL’s portfolio contributed to a 48% YoY growth in Consolidated Profit After Tax (PAT) to ₹247 crore, excluding an exceptional item of ₹307 crore related to the integration.
With continued expansions and acquisitions, IHCL is well-positioned to sustain its growth trajectory. The company’s strategic focus on operational efficiency and portfolio diversification promises an exciting future in the hospitality sector.
By Nithyakala Neelakandan
Published on October 28, 2024
Wyndham Hotels & Resorts, a global leader in hospitality, reported a strong performance for the third quarter of 2024, highlighting significant growth in its development pipeline and system-wide room expansion. The company’s results underscored its strategy to expand the brand's footprint and enhance shareholder value, even amidst a complex economic environment.
System-wide rooms increased by 4% from the previous year, with more than 17,000 rooms opened globally, including a 15% year-over-year increase in the U.S. The company awarded 197 development contracts this quarter, bringing its pipeline to a record 248,000 rooms across 2,100 hotels—a 5% year-over-year growth. CEO Geoff Ballotti emphasized, "Our teams around the world once again delivered exceptional results, executing our long-term growth strategy and achieving 7% growth in comparable adjusted EBITDA fueled by continued system expansion, higher royalty rates, and growth in our ancillary revenues.”
Wyndham’s ECHO Suites Extended Stay brand contributed significantly to growth, now representing 14% of the development pipeline. This brand has achieved strong market reception since its 2022 launch, with over 280 contracts awarded to date. The extended-stay segment maintained a robust 63% occupancy rate and average guest stays of 55 nights, signaling sustained demand.
Internationally, Wyndham saw a 7% increase in RevPAR driven by pricing power and increased occupancy. The EMEA, Latin America, and Canada regions together posted a 13% RevPAR growth, while the U.S. market maintained consistent occupancy, reflecting resilient demand in the select-service sector. However, Asia-Pacific (APAC) RevPAR dropped by 7%, though it showed sequential improvement.
Financially, Wyndham posted a net income of $102 million for Q3, with adjusted EBITDA up by 4% to $208 million. Diluted earnings per share rose to $1.29, up 7% from last year, supported by the company’s share buyback efforts. Wyndham returned $126 million to shareholders through share repurchases and quarterly dividends of $0.38 per share.
With a healthy balance sheet, Wyndham ended Q3 with $72 million in cash and $750 million in total liquidity. The company strategically expanded its share repurchase program, buying back 1.3 million shares this quarter. Ballotti concluded, “Stabilizing RevPAR trends and improving comparisons, coupled with increased infrastructure demand, are expected to pave the way for improved results in the coming quarters. We remain steadfast in our long-term strategy, aimed at delivering outstanding value to our guests, franchisees, and shareholders.”
Key Metrics and Outlook:
System-wide room growth: 4% year-over-year
Development pipeline: 5% increase, totaling 248,000 rooms
Q3 diluted EPS: Increased by 7% to $1.29
RevPAR: Up 1% globally, with 7% international growth
Total liquidity: $750 million, with a net debt leverage ratio of 3.5x
Wyndham’s forward momentum, marked by continued brand expansion, international growth, and focus on shareholder returns, places the company on a steady path toward achieving its full-year 2024 outlook.
Published on October 26, 2024
Bengaluru-based Kalyani Developers, also known as Kalyani Tech Park Pvt Ltd, has announced an ambitious plan to invest INR 800 crores in the hospitality sector, specifically focusing on the development of two hotels with 300 rooms each in North Bengaluru. This strategic move aims to enhance the region's reputation as a premier destination for both leisure and business travelers.
In addition to the hospitality investments, Kalyani Developers is making its foray into the residential sector, unveiling plans for three new projects in North Bengaluru, Whitefield, and Kanakapura Main Road. The company is also set to embark on a mixed-use development project in Hyderabad, which underscores its commitment to creating vibrant living and business environments.
A Mohan Raju, managing director and CEO of Kalyani Developers, commented on the company's growth strategy: “Over the past three decades, we’ve established a strong reputation in commercial real estate, hospitality, automobile, and renewable energy, consistently delivering value through our commitment to quality, innovation, and customer satisfaction. The residential sector presents a significant opportunity for us to leverage this legacy and expertise, aligning with shifting market dynamics and consumer expectations.”
Raju emphasized that North Bengaluru was chosen for the first residential launch due to its rapid development and emergence as a key real estate hub. He stated, “This focused investment plan will ensure that each project embodies our commitment to quality, innovation, and long-term value creation for homeowners and investors alike.”
Kalyani Developers will manage the construction of all projects through its in-house team, which boasts over 30 years of expertise in delivering more than 12 million square feet of commercial spaces. The team, now led by experienced professionals in residential construction, is dedicated to executing projects to the highest standards with timely delivery.
Looking ahead, Raju noted that the residential sector is expected to become a significant contributor to Kalyani Developers' overall business strategy. While the company’s commercial and hospitality verticals continue to thrive, the new residential projects are poised to play a pivotal role in the firm's growth trajectory.
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