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By Author
Published on February 6, 2024
In a remarkable display of resilience and strategic growth, The Indian Hotels Company Limited (IHCL) has once again outdone itself by reporting its seventh consecutive quarter of record performance. For the quarter ending December 31, 2023, IHCL's revenue saw a significant jump of 15% year-on-year, reaching an impressive INR 2,004 crores.
The company didn't just stop at revenue growth; it also reported an 18% increase in EBITDA, which stood at INR 772 crores. This boost in earnings comes with an equally impressive EBITDA margin of 38.5%. What's even more commendable is the Profit After Tax (PAT), which soared to INR 452 crores, marking an 18% increase compared to the previous year.
IHCL's domestic operations played a pivotal role in this quarter's success, with revenue reaching INR 1,323 crores, a 22% increase over the previous year. The domestic EBITDA margin was particularly noteworthy at 45.4%, indicating a robust expansion and operational efficiency.
Puneet Chhatwal, the Managing Director & CEO of IHCL, shared his enthusiasm over the Q3 FY24 results, emphasizing the all-time high consolidated EBITDA margin of 38.5% and a PAT margin of 22.6%. He attributed this success to the company's strong market performance, addition of new businesses, and scaling of existing ventures.
The period also saw IHCL making significant strides in expanding its portfolio. The company announced the signing of agreements for 28 new hotels and celebrated the opening of 16 hotels, including the iconic Taj Taal Kutir in Kolkata and Vivanta Tawang, bringing its total to 200 operating hotels.
IHCL's new business vertical, which includes brands like Ginger, Qmin, amã Stays & Trails, The Chambers, and TajSATS, has shown substantial growth, further diversifying and strengthening the company's revenue streams. Notably, the flagship Ginger hotel at Mumbai Airport reported an 80% occupancy and turned a net profit in its first month.
In related news, the Thomas Cook India Group reported impressive financial results for the first nine months of FY24, with a 132% increase in Consolidated EBITDA and a 258% YoY growth in Consolidated Profit Before Tax (PBT) for the third quarter.
As IHCL continues to break records and expand its horizons, the future looks promising for India's hospitality giant. With strategic expansions, diverse ventures, and consistent performance, IHCL is set to redefine hospitality excellence.
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By Hariharan U
Published on November 5, 2026
Cygnett Hotels & Resorts has announced the signing of Cozzet Grand Jagatpura, a 90-key greenfield hotel in Jaipur, marking another step in the group's expansion across Rajasthan's hospitality market.
Scheduled to open in 2028, the upcoming property will be the group's fifth hotel in Jaipur. The development forms part of Cygnett's strategy to expand its presence in the premium economy hospitality segment through branded accommodation in emerging urban markets.
Located in Jagatpura, an expanding residential and commercial area of Jaipur, the hotel is expected to cater to business travellers, leisure guests and visitors travelling to the city for professional and personal engagements. The location's growing residential and commercial activity makes it part of Jaipur's evolving hospitality landscape.
The proposed hotel will feature 90 contemporary rooms, along with an all-day dining restaurant, bar and gymnasium. Operating under the Cozzet Grand brand, the property will focus on contemporary accommodation, essential amenities and efficient service at accessible price points.
Commenting on the signing, Sarbendra Sarkar, Founder and Managing Director, Cygnett Hotels & Resorts, said, "Jaipur continues to be an important hospitality market, supported by a strong mix of business, leisure and social travel demand. Within the city, emerging locations such as Jagatpura offer opportunities for well-positioned branded hotels as residential and commercial development expands. The signing of Cozzet Grand Jagatpura aligns with our strategy of strengthening our presence in high-potential urban markets through efficient, value-driven hospitality offerings."
The signing comes as Cygnett accelerates the expansion of Cozzet, its premium economy and micro-hospitality brand. Built around the philosophy of "Smart, Safe & Sensible," the brand combines contemporary design, essential amenities and consistent service standards for business, leisure and transit travellers.
Cygnett is pursuing an asset-light expansion strategy, targeting business centres, convention destinations, transit hubs and emerging urban markets. The company's plans are supported by the growing demand for organised accommodation across India's micro and mid-scale hospitality segments.
According to the company, India's micro and mid-scale hospitality market is projected to reach US$7.60 billion by 2031. Cozzet currently has a development pipeline of approximately 600 keys, with properties in development and pre-opening stages across Noida, Ayodhya, Amritsar, Jaipur and Arunachal Pradesh, among other destinations.
With Cozzet Grand Jagatpura, Cygnett adds another planned property to its Jaipur portfolio while continuing to expand its premium economy presence in India's emerging hospitality markets.
By Manu Vardhan Kannan
Published on November 3, 2026
Suba Hotels Ltd has expanded its portfolio with the signing of two new properties under the Choice Hotels portfolio. The additions include a Comfort Inn in Mumbai's Bandra Kurla Complex (BKC) and a sea-facing Clarion resort in Bekal, Kerala. According to a media release issued by the company, both contracts were signed by Mansur Mehta, Managing Director of Suba Hotels Ltd.
Commenting on the signings, Mansur Mehta said, "Our Choice Hotels portfolio has been gaining a lot of popularity and acceptance with both guests and owners. We are extremely happy with the response, and the entire team at Suba Hotels Ltd. will strive hard to ensure that the brands under the Suba umbrella receive more recognition and accolades from everyone."
Mubeen Mehta, CEO of Suba Hotels Ltd, said the company plans to open both properties in the last quarter of the current financial year. He noted that the hotels would cater to different market segments, with Comfort Inn targeting business travellers in Mumbai's BKC area and Clarion focusing primarily on leisure guests in Bekal. He congratulated the team on the achievement and added, "The company has been on an expansion spree following our successful IPO."
The upcoming Comfort Inn in BKC will have 46 rooms and is being developed by M/s. Triumph Developer Private Limited. Designed for business travellers, the property will feature modern facilities and amenities. Once operational, it will become Suba Hotels' sixth hotel in Mumbai.
The second property, under the Clarion brand, is being developed by M/s. Bekal Sea View Resort. The premium, sea-facing hotel in Bekal will have 48 rooms across different categories and cater to both business and leisure travellers. Planned facilities at the Clarion property include a spa, wellness centre, rooftop infinity pool and a well-equipped gymnasium, adding to its leisure and wellness offerings.
With these two signings, Suba Hotels Ltd continues to expand its presence across different hospitality segments, adding a business-focused hotel in Mumbai and a premium coastal resort in Kerala to its Choice Hotels portfolio.
Unify Foodworks, the exclusive pan-Indian master franchisee of Moe's Casa Mexicana and Carvel, has raised ₹5 crore in seed funding through compulsorily convertible debentures (CCDs). The funding will support the expansion of both American brands across the National Capital Region (NCR), where they made their India debut. The company has a long-term roadmap to establish more than 100 stores across India.
The funding round is backed by Atrium Ventures, Sail Thru Ventures, Arjun Vaidya and Abhishek Goyal. The investment will help Unify Foodworks strengthen its presence in NCR, build store density, improve consumer recall and refine its operating model before expanding into other markets.
Both Moe's Casa Mexicana and Carvel are owned by Roark Capital, whose portfolio also includes Subway, Baskin-Robbins and Dunkin'. Moe's Casa Mexicana is the international evolution of the US fast-casual chain Moe's Southwest Grill, with India serving as its first international market. Unify Foodworks also holds the master franchise for Moe's Southwest Grill, the larger-format restaurant concept within the portfolio.
Moe's Casa Mexicana offers signature burritos, bowls and tacos alongside India-focused creations such as Habanero Paneer. Carvel, an American ice cream brand founded in 1934 and widely credited with inventing soft serve, entered the Indian market in 2025 with its outlet at Connaught Place.
The expansion comes as India's food services market evolves alongside changing urban lifestyles, greater exposure to global cuisines and demand for convenient, consistent dining experiences. Unify Foodworks aims to bring established international brands to Indian consumers while adapting menus and formats to local preferences without losing their original identity.
Alongside its store expansion, the company is developing its operational infrastructure. Its approach includes integrated supply chain and logistics systems, standardised processes and digital standard operating procedure (SOP)-led training for store teams. NCR will serve as a testing ground for store economics, menu localisation and operational discipline before the company takes its learnings to other markets.
Commenting on the funding and expansion plans, Sumer Sethi, Founder and CEO of Unify Foodworks, said, "Travel has rewired the Indian palate. Someone who has had a burrito in Atlanta or a soft serve in New York comes home expecting that exact experience, not a local approximation of it. For this consumer, consistency is the indulgence. Global brands are engineered to deliver it, but only when the operator gets the foundations right. This round gives us the runway to build those foundations store by store, so every new opening is a proven model repeated, not an experiment. Just as valuable are backers who understand consumer brands and share our long view. Our ambition is to make Unify Foodworks the go-to platform for international F&B brands entering India, scaling names that own their category without diluting what made them iconic,"
For Unify Foodworks, the NCR expansion is about more than opening new outlets. The company aims to develop a repeatable operating model that can be expanded across India while maintaining the quality and experience associated with both brands.
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