ICRA Forecasts Continued Revenue Growth for Premium Hotels in FY2026

ICRA Forecasts Continued Revenue Growth for Premium Hotels in FY2026

By Manu Vardhan Kannan

Published on January 17, 2026

India’s hospitality sector is entering a structurally stronger phase of growth, supported by rising domestic travel, diversified demand drivers, and favourable policy momentum, according to a recent report by ICRA Limited. The agency noted that the sector is now less exposed to global disruptions compared to the pre-pandemic period, with demand increasingly driven by domestic travellers.

ICRA highlighted that the industry remains on track to post record revenues and occupancy levels in FY2026–27, even as foreign tourist arrivals remain subdued. Sustained demand, limited new supply, and the growing adoption of asset-light operating models are helping hotels maintain strong performance and profitability.

“Demand drivers now include corporate travel, weddings and social events, religious and spiritual tourism, concerts, sports, MICE activities, and leisure-led travel to Tier-2 and Tier-3 cities,” said Sruthi Thomas, Vice President & Sector Head, Corporate Ratings, ICRA Limited. “The market can now support multiple formats and price points, pushing hotel companies to diversify beyond the traditional upscale business hotel model.”

According to ICRA, demand growth continues to exceed supply expansion, strengthening pricing power for hoteliers. Revenue per available room has touched record levels, with occupancy rates in the range of 69–71 per cent and average room rates between INR 8,100–8,200 during the first nine months of FY2026, compared with Rs. 7,800–7,900 in the same period of FY2025.

The report also noted that despite short-term disruptions caused by revised flight duty norms in December 2025, the sector showed resilience. Extended stays, alternative modes of travel, and bulk wedding bookings helped cushion the impact. Occupancy levels in Q3 FY2026 stood at 76–78 per cent, underlining strong underlying demand.

Thomas pointed to the increasing preference for asset-light models such as management and franchise contracts, which “generate fee-based, high-margin income, require minimal capital, and enhance returns on investment.” These models enable hotel operators to scale faster while maintaining financial discipline and brand standards. She added, “Owned assets continue to anchor brand prestige, especially in prime locations. A mixed ownership strategy, retaining core assets while franchising or managing growth assets, is now emerging as the preferred model.”

Looking ahead, ICRA expects premium hotel occupancy to remain between 72–74 per cent in FY2026, with average room rates rising to INR 8,200–8,500. Growth will continue to be supported by business travel, weddings, MICE activities, and leisure tourism.

ICRA also anticipates that the upcoming Union Budget will further support the hospitality sector through continued focus on tourism, infrastructure development, and financing incentives. With demand remaining strong and supply additions limited, India’s hotel industry is well placed for another year of record performance.


InterGlobe Foundation Launches Heritage Dialogue and Opens TCIH Exhibition

InterGlobe Foundation Launches Heritage Dialogue and Opens TCIH Exhibition

By Manu Vardhan Kannan

Published on March 17, 2026

InterGlobe Foundation, the philanthropic arm of InterGlobe Enterprises, has introduced its first ‘Heritage Dialogue’ while also unveiling the third edition of its annual exhibition, ‘Tangible Conversations, Intangible Heritage’ (TCIH). The initiative marks an important step in encouraging conversations and collaborative efforts around cultural and heritage preservation in India.

The 10-day exhibition is being held at the Sunken Gardens in Sunder Nursery, with AKTC serving as the venue partner. Open from March 13 to March 22, 2026, between 11 am and 7 pm, the exhibition invites visitors to explore India’s living traditions through an engaging and immersive format.

This year’s theme, “Living Archives: Ritual, Performance and the City,” looks at heritage beyond traditional documentation. Instead, it presents heritage as something that continues to live through the rituals, practices, and everyday experiences of communities. By bringing together elements of tangible and intangible heritage, the exhibition highlights the Foundation’s ongoing work with communities to preserve India’s cultural legacy.

Visitors can experience the theme through a mix of photography, films, and installations that showcase three unique narratives. The first documents the Doli Yatra of Lord Rudranath in Uttarakhand, offering a closer look at the sacred pilgrimage and the devotion of the communities involved. The second focuses on Bhand Pather, the traditional folk theatre of Kashmir, presenting the history and cultural richness of this centuries-old performance tradition. The third narrative explores the idea of the city as a living archive through the ‘My City My Heritage’ initiative, showing how neighbourhood life and local communities shape the cultural identity of cities.

The exhibition also serves as the annual showcase of the InterGlobe Heritage Fellowships. This initiative supports individuals who research and document lesser-known aspects of India’s heritage. Since the fellowship began, nine fellows have been recognised for their contributions toward cultural preservation.

The day began with the ‘Heritage Dialogue’, organised by InterGlobe Foundation along with Sahapedia and IndiGoReach. The forum brought together leaders from corporate, cultural, and academic sectors to discuss ways to strengthen support for India’s built and intangible heritage. The platform is designed as a long-term initiative that encourages collaboration and investment in heritage preservation while connecting it to the broader goals of sustainable development and responsible corporate participation.

The evening continued with the formal opening of the ‘Tangible Conversations, Intangible Heritage’ exhibition at Sunder Nursery. Ms. Rohini Bhatia, Chairperson of InterGlobe Foundation, led the inauguration ceremony in the presence of cultural practitioners, institutional leaders, and heritage enthusiasts. The event concluded with a captivating Dastangoi performance at the historic Humayun’s Tomb Auditorium.

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Rohini Bhatia, Chairperson, InterGlobe Foundation, said, "The ‘Tangible Conversations, Intangible Heritage’ exhibition reflects our deep commitment to protecting India’s diverse cultural legacy. This year's theme beautifully illustrates how our heritage is a living, breathing entity sustained by communities and their practices. Through the InterGlobe Heritage Fellowships and the new Heritage Dialogue, we aim to foster a deeper appreciation for our vibrant traditions and inspire collective action required to ensure they thrive for generations to come.”

For more than a decade, InterGlobe Foundation has supported several important conservation and heritage initiatives through its partners. These include the conservation and cultural revival of Abdur Rahim Khan-I-Khanan’s mausoleum in Delhi, the cultural mapping and documentation of eighteen cities through the ‘My City My Heritage’ campaign, the restoration of the Indra Kund stepwell in Delwara, the tile restoration of Qutb Shah’s Mausoleum, and the InterGlobe Heritage Fellowships.


Calvin Klein Signs at Migsun Mall Ghaziabad and the Fashion Mix Just Got a Lot More Interesting

Calvin Klein Signs at Migsun Mall Ghaziabad and the Fashion Mix Just Got a Lot More Interesting

By Hariharan U

Published on March 17, 2026

Migsun Mall in Ghaziabad just added a name to its retail roster that signals exactly where the mall is headed. Calvin Klein has signed a leasing agreement for a 1,114 sq ft space at the mall, bringing one of the world's most recognised fashion brands to a retail destination that has been steadily building its premium appeal.

Calvin Klein's identity, clean aesthetics, modern sensibility, and a design philosophy that has built a global following, fits naturally into what Migsun Mall has been trying to create. The brand speaks directly to urban consumers who value minimalism, quality, and globally relevant fashion, which is exactly the kind of audience the mall is positioning itself to attract.

Rajeev Srivastava, Leasing Head at Migsun Group, put the signing in context. "Retail today is as much about brand alignment as it is about physical space. Calvin Klein represents a global design philosophy that speaks to modern consumers, and we're pleased to have the brand join Migsun Mall. Our approach has been to create a retail ecosystem that feels relevant, uncluttered and experience-oriented rather than purely transactional. Each new signing is evaluated not just on brand strength, but on how well it contributes to the overall shopping journey. Calvin Klein adds a distinct, contemporary dimension to our fashion mix and strengthens the mall's positioning as a destination for refined, modern retail."

The signing also reflects a broader trend playing out across India's organised retail sector. Brands are becoming increasingly selective about the locations they choose, favouring destinations that offer strong footfall potential, a cohesive brand environment, and a shopping experience that feels curated rather than crowded. Migsun Mall's approach of evaluating brands not just on name recognition but on how well they contribute to the overall experience speaks to this shift.

For Ghaziabad, the arrival of Calvin Klein at Migsun Mall is a notable moment, adding a brand with genuine global weight to a retail market that continues to grow in both scale and ambition.


Rajnigandha Achievers Win Aditya Birla Memorial Polo Cup Finals 2026 at Jaipur Polo Ground

Rajnigandha Achievers Win Aditya Birla Memorial Polo Cup Finals 2026 at Jaipur Polo Ground

By Manu Vardhan Kannan

Published on March 17, 2026

The Aditya Birla Memorial Polo Cup Finals 2026 concluded on an exciting note at the Jaipur Polo Ground, with Rajnigandha Achievers emerging as the champions after a strong performance against Thunderbolts.

The prestigious event was attended by Hon'ble Defence Minister Rajnath Singh, who joined as the Chief Guest. Rajashree Birla, Chairperson of Aditya Birla Centre for Community Initiatives and Rural Development, was also present at the finals, adding to the significance of the occasion.

Several notable dignitaries attended the event, including Himanshu Kapania, Managing Director of Grasim Industries; Sanjay Seth, Member of Rajya Sabha; Naveen Jindal, Member of the Lok Sabha and Chairman of Jindal Steel, who also serves as the Captain of the Jindal Panther Polo Team; and Askaran K. Agarwala, Group Advisor, Birla Group Trusts & Special Community Projects.

The final match saw an engaging contest between Thunderbolts and Rajnigandha Achievers. The Thunderbolts team featured Sipahi Mukesh Gujar, Lt Col Vishal Chauhan, Major Mritunjay Chauhan (MS Chauhan), and Simran Singh Shergil. Rajnigandha Achievers fielded Aryaman Singh, a 14-year-old player with 19 tournament wins, along with Syed Shamsheer Ali, Dhruv Pal Godara, and Captain Daniel.

The match was played over four chukkas of 7.5 minutes each and was officiated by professional umpires from the Kingdom. Demonstrating consistent teamwork and control throughout the game, Rajnigandha Achievers secured a convincing 9–5 victory to lift the Aditya Birla Polo Cup 2026 title.

The final match not only showcased competitive polo but also highlighted the sport’s growing prominence in India, bringing together players, dignitaries, and enthusiasts for a memorable sporting evening at the Jaipur Polo Ground.

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